After two weeks high voltage between Vivendi and Mediaset, with the title under pressure on the Stock Exchange, in August everything seems still and perhaps only the ‘diplomacy’ are working to groped to avoid reaching the clash in court and successfully carrying out the alliance.
the mandate that Pier Silvio Berlusconi, however, according to reports, is not to to treat but to enforce the contract, to its binding nature. It is therefore not on the agenda meetings and the first institutional appointment is what awaits the Vivendi board with the half-yearly accounts, on 25th August. It’s also true that Vincent Bolloré, chairman and largest shareholder with 14.35% of Vivendi, do not stay with our arms folded even in summer (everyone remembers August 2014 and the summit on the Paloma, the yacht off the Costa Smeralda to talk to entering Telecom). The French group has asked in May to review the contract signed in April on the transition of ownership of Mediaset Premium, after analysis by Deloitte that highlighted how the business plan (which provides for the achievement of Mediaset Premium operating balance right from 2018) is based on assumptions defined by the “unrealistic” consultant, and would “seriously revised downward.”
This is the heart of the power struggle between the two groups. According to press reports the adivsor and the lawyers would have proposed a compromise, instead of the transfer of 100% of Mediaset Premium a co-control to 44.5% (and 11% of that Telefonica would still remain the Spaniards). This would avoid the consolidation of the premium accounts and the parent company Vivendi would hold a more substantial package, equal to 7% of the capital (instead of the joint stock exchange 3.5% agreed).
There is also those who assume, although to date the ninth relevant thresholds have been exceeded, which Fininvest could have made purchases on the market. When the question was posed to the ad Vivendi de Puyfontaine as possible ‘last resort’, the manager did not answer but only had stressed he is confident of being able to arrive at a solution. “The contract is binding – Pier Silvio Berlusconi recently told the Financial Times -. Their new proposal, sent on July 25, has completely changed the terms. We have to protect ourselves,” suggesting that they are prepared to take legal action without compromise . Which is the way that the Alfa will follow now, highlights the press, with the sale of Milan, Fininvest has new strings to its bow, concretely 520 million euro which are added to the existing liquidity of € 330.6 million, thus bringing the cash available to about 850 million euro.
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