ACQUISITION rai-mediaset
Milan , February 25, 2015 – 7:16
Mediaset launches the conquest of the towers of Rai, just three months after their landing on the stock. And it does so with a public purchase and exchange (opas) launched through its sister company, Ei Towers. Puts on the plate 1.22 billion euro. The goal is to create a large single national center infrastructure television antennas from 5000, the existing model in France, the UK and Spain. And most “can play an important role also in the telecommunications sector,” it is written in the note announcing the operation.
The move by Ei Towers covers all Rai Way and provides that members of the group should be 4.50 euro per share, for the 69% cash ( or 3.13 euro) and the remaining 31% in the form of shares Ei Towers (0.03 newly issued shares). For shareholders of Rai Way gain implicit is 22% compared to current prices and 52.7% with regard to the listing of last November 19, when he arrived at the Milan Stock Rai Way. In total will be offered 851.3 million in cash, for which they will resort to a loan from an international institution, and 374 million in shares. The operation, including a capital increase of 370 million from Ei Towers and next opas should be completed by the summer of 2015, is subject to several aspects: first antitrust authorization; then acceptance by RAI, since the offer will not be effective if not adhere at least 66.7% of the capital and Viale Mazzini firmly controls 65%; Finally, the fact that the Minister of Economic Development authorizes RAI to carry out the public service activities of Rai Way even after the purchase by its direct competitor. And Towers – therefore Mediaset, since it controls 40%, with the US fund BlackRock second partner to 10% – will nevertheless endeavor to ensure access to the infrastructure to all broadcasters’ independently, according to terms and transparent non-discriminatory “and then” open up more and more its infrastructure, in perspective, to telecommunications operators. ” Among the advantages mentioned, in addition to the technological improvement of the transmissions in “ultra HD”, even the environment, given that a single operator could rationalize the presence eliminating some towers that disfigure the landscape.
In fact Mediaset and Rai would find themselves members in the same company of the towers that cover the entire national territory. If Rai adhered to the offer, you end up with about 15% of the new company. In many ways it is an operation similar to the one that the other branch of the family Berlusconi, Mondadori, would like to achieve by buying the books branch of RCS (which publishes the Corriere della Sera). And as such, will not fail to provoke controversy over the role of Berlusconi and the partnership between Mediaset and the state television, the subject of a forthcoming reform of the government Renzi. And it also begins to better delineate the possible future of the group Alfa. Just two weeks ago Fininvest, the family holding company, had sold 7.79% of Mediaset doing cash for 377 million. Evidently the two operations were connected.
February 25, 2015 | 07:16
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