BREAKING NEWS

Italy: Berlusconi's holding ordered to pay $800 m. penalty

By REUTERS

JULY 9, 2011 10:55

MILAN - 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.

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