Berlusconi firm ordered to pay $800m penalty
Milan, July 9, 2011
A Milan appeals court on Saturday cut to 560 million euros ($801 million) a compensation payment by Italian premier Silvio Berlusconi's holding company to the rival CIR conglomerate.
The appeal court's ruling over a 19991 takeover battle for publisher Arnoldo Mondadori Editore is the latest blow to Italy's weakened prime minister.
Berlusconi this week tried to pass a measure that would have frozen the penalty but had to hastily backpedal due to a lack of support from coalition members.
Berlusconi's Fininvest holding won control of Mondadori in the early 1990s at the expense of CIR thanks to the ruling of a Rome judge who was later sentenced for corruption.
In 2009 a Milan court ordered Fininvest to pay 749.9 million euros in damages to CIR. Fininvest, which controls broadcaster Mediaset , appealed the decision.-Reuters