ProsiebenSat.1 is an ancient object of desire for Silvio Berlusconi. The Italian-Spanish television mogul and former prime minister tried to buy the German group almost two decades ago, when its previous owner went bankrupt. Kirch Media and the creditor banks auctioned the highest bidder. Haim saban was ahead of him in 2003, three years later it was risk money from Permira and KKR the one that controlled the company until its gradual IPO between 2013 and 2016. But the owner of Mediaset he is in a position to fulfill his old aspiration to sit on your council.
Berlusconi has now notified the German Bafin (equivalent to the Spanish CNMV) that has exceeded the threshold of 10% of the shares in Prosieben, a legal formality that places its financial holding company Fininvest under the regulator’s orbit as the main shareholder of the Italian Mediaset Spa (44%) and indirect of Mediaset Spain (fifty%). The German supervisor has focused on his presence in the shareholders, urging him to detail his intentions and next steps with the Bavarian company, in accordance with article 40 of the German stock market law.
“Actually, there are no specific intentions to acquire additional voting rights during the next twelve months, except for shares subject to instruments already owned “, Berlusconi explains in his letter to Bafin. Now, the transalpine magnate controls 12.38% directly with shares and an additional 11.1% in the form of derivative instruments that he has your broker Swiss credit, figures that complete the 23.5% total under its control. In other words, the group could continue to raise its position to that level without breaking its word.
Furthermore, Berlusconi adds that “the acquisition of more shares and voting rights will be continuously reviewed and, if necessary, it will be implemented based on market conditions, share price and possible strategic options. “The notification comes after its subsidiary in Spain bought an additional 3.4% of Prosieben in the past January 21, although the former prime minister has exceeded the notification deadlines.
Swiss banking, at the service of Berlusconi
The activity of Swiss credit has been frantic in recent weeks about the Prosieben share after this purchase operation and, above all, before the massive sale of up to 7% made by two other Prosieben shareholders. Between January and February, the group of Czech-Slovak businessmen led by Daniel Kretinsky It has dissolved its shareholding agreement that grouped 9.8% of Prosieben and has reduced its position to 7.9%. The venture capital fund also did the same KKR, which returned to the company’s shareholding in May 2020 and sold its 6% in January.
Credit Suisse, Mediaset’s head bank for the Prosieben assault, had to go out of business to buy more than 2% of the capital to market and avoid a fall in the price that would have impacted, for the worse, on its derivatives. The firm that presides over the Portuguese Antonio Horta-Osório has been involved in the operation to the point of accumulating a 20% position through stock options, in addition to financing the purchase they have made both Mediaset Spa What Mediaset Spain. In just three weeks, the shares of the German chain based in Munich They have skyrocketed in the stock market by 33%, going from 13.5 to trading at 18 euros this Monday.
Despite its 23.5% global stake in the German chain, Mediaset does not yet have a presence on the board of directors but he warns that he will use his vote at the next Prosieben Shareholders’ Meeting. All a statement of intent despite the fact that it assures that “currently it is not intended to influence the appointment or removal of members of the administration, management and supervision bodies of ProSieben”. The notification of 10% of the capital It means making its status as the first shareholder official and the possibility of promoting its own directors, which, if achieved, would mean fulfilling a dream for Berlusconi.
Mediaset’s European aspirations “no longer make sense without Germany”, as he admitted Marco Giordani, the group’s CFO in January 2020, shortly before criticizing Prosieben’s strategy and prompting the exit of Marco Conze as CEO and his relief by Rainer Beaujean. After the merger project fell into quarantine MediaforEurope (MFE) Due to the judicial pulse with Vivendi, the focus of the Berlusconi company has been on continuing to increase its control over Prosieben, one of the three legs of MFE together with its subsidiaries in Spain and Italy. The greatest interest is focused on its streaming platform Joyn that the Italian group wants to become a potential competitor of American apps such as Netflix The Disney+.
While the shareholding meeting arrives, on June 1, ProSiebenSat.1 continues to slim down its asset perimeter getting rid of those businesses not related to commercial television. In fact, the German press revealed this Monday that it is looking for a buyer for its beauty e-commerce Bottles. Among the buyers interested in this business are the German fashion giant Zalando, the chain of perfume shops Douglas and Sephora or the French group of luxury goods LVMH, according to ‘Reuters’. Prosieben sold its pharmacy activity ‘online’ Windstar Medical last fall for 280 million euros and plans to ditch its dating app Parship.
Source: LA INFORMACIÓN – Lo último by www.lainformacion.com.
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