November 21, 2018 / 5:44 PM / 19 days ago

RCS Mediagroup already challenged property sale to Blackstone in March - source

MILAN, Nov 21 (Reuters) - RCS Mediagroup contested the sale of properties to Blackstone for the first time through a letter in March and then again in July before starting arbitration proceedings last week, a source with direct knowledge of the matter said on Wednesday.

The Italian publisher, the owner of influential daily Corriere della Sera, believes the U.S. private equity group paid too little for the properties based in the centre of Milan in 2013 because RCS Mediagroup was in financial difficulties at the time of the sale, the person added.

Blackstone could not immediately be reached for comment.

The fund has launched a separate legal case against RCS Mediagroup in New York on Tuesday, alleging a planned sale of the same properties to Allianz was held up by interference from the publisher.

Reporting by Claudia Cristoferi, writing by Agnieszka Flak

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