Fiat doubles its share in an Italian publishing group while German family firms Ottobock and Pohlig join forces for a greater footprint in the orthopaedics sector.
Fiat – controlled by the Agnelli family's Exor – has announced it will double its holding in struggling Italian publishing group RCS MediaGroup from 10% to 20%.
The media company publishes books, newspapers and magazines, including influential Italian daily Corriere della Sera; however, in recent years the publisher has been struggling, making a loss of €509 million on revenues of €1.6 billion in 2012.
It is not Fiat's first foray into publishing; it also owns Turin-based national paper La Stampa. John Elkann, sixth-gen chief executive of Exor, has sat on the board of RCS since 2005 and recently joined the board of the new News Corp.
Ottobock and Pohlig
German family-owned firms Ottobock and Pohlig have joined forces, as of 1 July, to strengthen their respective footprints in the technical orthopaedics sector.
Ottobock, a world leader in technical orthopaedics, has acquired 51% of Pohlig, which makes orthotic and prosthetic fittings for children and adults.
Ottobock chief executive and president Professor Hans Georg Nader said his family has had strong personal ties with the Pohlig family for several decades.