MILANO – Vivendi takes a step back in Mediaset, and Fininvest one step forward in the capital of Biscione, returning after 16 years to have an absolute majority of voting rights. And with a shareholding with fewer French and more Berlusconi, the Italian company will have hands free to grow through acquisitions throughout Europe.
As per the agreements of last May, Vivendi sold 5% of Mediaset for 159 million, decreasing to 23.8% of the share capital (and to 24.9 of the voting rights taking into account the treasury shares) and thus losing its right to veto. Fininvest instead strengthened its stake to 49.2% of the capital (and 50.99% of the voting rights) and in doing so supported the group led by Pier Silvio Berlusconi to grow in the Old Continent, even at the cost of using the formula of a capital increase reserved for the entry of a new shareholder who would dilute the family holding.
After the failed purchase of the French M6, Mediaset has already set its sights on the German ProsiebenSat, moving between shares and options at a step of the OPA threshold, waiting for the current board of directors to expire next spring. On the other hand, the market is betting that sooner or later, the Cologno group could return to considering the possibility of buying the minority shares of Mediaset Espana, which not only grinds profits, but is also the most discounted commercial TV in Europe.
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