Fininvest, between Marina and Pier Silvio shareholder agreement on 78.58%
Published on shareholder agreement signed between Marina Berlusconi and her brother Pier Silvio relating to Fininvest which will be “for an indefinite period”. The pact concerns 78.58% of the capital of the Berlusconi family holding company. In fact, on the basis of the testamentary provisions following the acceptance of the inheritance, the two eldest children find themselves jointly holding the majority of the communion regime which concerns the four personal holdings of Silvio Berlusconi (Holding Italiana Prima, Seconda, Terza and Ottava) which hold 61.21% of Fininvest in addition to the shares controlled through their personal vehicles (Holding Quarta di Marina and Holding Quinta di Pier Silvio).
The shareholders’ agreement “is aimed at the joint exercise of a dominant influence over Fininvest” by Marina and Pier Silvio. The two brothers undertake “to exercise their respective voting rights as well as any rights, powers and/or faculties to which they are respectively entitled, in accordance with what will be agreed between them from time to time”.
In particular, on the occasion of each ordinary and/or extraordinary meeting of the company, Marina and Pier Silvio undertake to meet at least 5 days before the date set for the meeting in first call to consult on the topics on the agenda . Should they not reach a unanimous agreement for the approval or otherwise of the relevant meeting resolution, “a period of no more than 5 days must pass” in which the topics will be discussed in good faith to reach an agreement. “If Marina and Pier Silvio have not reached a unanimous agreement even at the end of the above period, the Shareholders’ Agreement will be considered automatically terminated and will immediately cease to be effective”.
The agreement is stipulated “for an indefinite period, except for the right of withdrawal with at least 6 months’ notice”.