Vincent Bolloré in circulation there is little to stay calm. A Cologno Monzese as in Rome. While the government of Matteo Renzi is preparing to close the loop on ultra broadband thanks to ‘ Enel , Breton financier, the majority shareholder of Telecom Italy , launched his attack on the Mediaset . It lets you know that he has no intention of meet commitments made at last April 8, according to which it would have to become a member of the Berlusconi family with a 3.5% share of Mediaset and acquire 100% of premium in exchange for giving 3.5% of its Vivendi.
With a timing worthy of the past by raider Stock exchange, Bolloré has second thoughts because it believes there are “of significant differences in the analysis of the results of the subsidiary pay TV Mediaset Premium “, as explained by a note from the French group. Hence the new proposal of the Breton financier, confirming the 3.5% exchange of capital between Vivendi and Mediaset, refuses 100% premium as payment. It asks instead as a counterpart convert that allows Vivendi to arrive to hold in 3 years about 15% of Mediaset’s capital, in addition to 20% of pay TV.
Cologno Monzese who witnessed the collapse of Mediaset went public (-8% in mid-session) is an indecent proposal that, in the end, also calls into question the blocking minority (34%) are currently in the hands of the Fininvest , the family safe Berlusconi who controls Mediaset. The selection of Vivendi “changes the industrial value underlying the agreement to significantly alter the position of the Mediaset capital” as pointed out by a note of Alfa. It ‘also “a novelty and not agreed” on which the board of directors will officially express July 28, but as of now portends a long litigation , whose epilogue is very uncertain. On the scales, the French fact put the little comforting results of premium and exceptional market tensions in post-Brexit. Italians instead show that the understanding between Vivendi and Mediaset did not include any renegotiation clause based on the pay-TV performance.
But, if things are in these terms, why Vincent Bolloré would decide to break agreements with the Berlusconi family risking a legal dispute on the value that the first unofficial estimates calculated on the 1500000000 ? The reasons are economic, but at the same time because while the Breton industrial side has partnered with Berlusconi, the other can not make ends its investment in Telecom Italy, the whose fate is tied hand in glove with the plans on ultra broadband at the Renzi government. So far the former monopolist has aimed to win the Milan-based company of the Metroweb , controlled by the fund F2i and CDP . The goal of Telecom was indeed keep alive a dominance on the Italian telecommunications market. But the plan did not go through. In the coming days Metroweb will feed it into the project of ultra-wideband Enel, blessed by Renzi. A Bolloré will remain the daunting task of Telecom into shape in a market scenario very aggressive and hostile to incumbents as evidenced by the fact that even the liberal authorities English Ofcom has just ordered the separation of Bt ‘infrastructure network from the service provider.
the consolidation of Telecom, which also goes for heavy cuts, is not easy and I anchor is made more complex by the choice of the Italian government to allow Telecom to its fate private company in which the state can not and should not intervene. Notwithstanding it Bolloré knows that all is not lost: an opening of the government Renzi, maybe thanks to the intercession of Berlusconi, in fact, may again change the cards on the table. No coincidence that the chairman of Vivendi, Arnaud DePuyfontaine , has always been vague about the future of the former monopoly by opening even the hypothesis of an aggregation between Telecom and Mediaset under French direction. In short, the scenario is far broader than the single premium game. Bolloré also because, not only is the majority shareholder of Telecom, but it is also the second largest shareholder of Mediobanca , the parlor of Italian finance where the Breton industry has considerable weight. The proof is the fact that he managed to appoint a trusted man, Philippe Donnet , at the top of the Generali Insurance, the subsidiary of Mediobanca has always been in the crosshairs of French rival Axa .
not only in Paris rumor that Bolloré has played a role behind the scenes to support the appointment of former managers of derivatives Societe Generale , Philippe Mustier, to high levels of Unicredit , which at times was coveted by Alessandro Profumo from the first institute of credit beyond the Alps, BNP Paribas . Perhaps these are all pieces of the same mosaic in which the grandeur French is the space in a country with a weak government struggling with a banking crisis unprecedented? Maybe. If so, the old and now defunct Lazard banker, Antoine Bernheim , we would once again been right. “It is not only the beginning” ( “ Ce n’est pas que le début “), he had told the international press when his protege Bolloré had ousted from the General vertices to make room for new space alliances necessary for the Italian campaign Breton raider. Since then there have been several years and Bolloré is increasingly present on the Italian financial scene. And also on that policy through that fine line that inevitably binds the media industry Berlusconi, that of telecommunications and the choices of a government constantly searching for political balance to avoid the ballot box.
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