Friday, December 16, 2016

Fininvest-Vivendi, today the French in Italy – Il Sole 24 Ore

Day interim on the face of the contention Mediaset Vivendi. On the first day of the truce in the ads of the climbing French was accompanied by a tracing of the title Mediaset, which yesterday was suspended multiple times in the Bag, but this time downward, and then close the seat down dell'1,55%, to 3,564 euro, however, price levels, "summer", prior to the "cancellation" of the contract on the Premium. Yesterday it changed hands another 4% of capital, which leads to 23% of the capital traded in the last three sessions.



Mediaset-Telecom, the pickets of the Nra

Bollorè would have spent something like 800 million to set aside 20% of Mediaset has reached: that would mean that the load price is 3.38 per share. From Paris arriving signals in the direction of enforcing the quota on the table of the negotiations, which will resume from the point at which they were interrupted relations last July. But to treat it takes two.

The staff of Fininvest in these days has remained engaged in continuous meetings to assess what can be done, both on the financial plan, the legal plan. In addition to the study Of the Port and Niccolò Ghedini, for the part of the criminal, the ranks of the legal advisers has been enriched by the arrival of the study BonelliErede, their lawyers have successfully assisted De Benedetti for the affair Mondadori, costing hundreds of millions to the coffers of the holding company of the Berlusconi family.



Vivendi: ours is not a move hostile

The state, however, Fininvest is not able to grow further in the Mediaset compared with 38,26% reached in a week (that is the 39,775% of the voting rights, considering also the treasury shares). Mediaset, which would be a proxy for a buy-back of up to 10% of its own shares, cannot spend it because it would trigger the threshold of the Opa to its shareholder of reference. Positions "in support" are risky to speculate why, similarly, could be identified as actions in concert and trigger the obligation to offer to all participants.



The risk of war “in the trenches”

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The legal action to obtain the sterilization of the voting rights of the French should be backed up in court, and also any emergency procedure may be more of a “lens” of the times finance, at least to the rhythm of the doors to which they are accustomed Vincent Bolloré. Starting from next April, Fininvest could start to buy back, with the first 1,27%, a little thing, and still several months.

to Book additional packages that are missing to reach the absolute control of 50% with call options, according to experts consulted by “Il Sole-24Ore”, should trigger, however, the obligation of tender offer. On paper, the only possibility would seem to be the one to take out, but not necessarily with a single counterparty, a put&call absolutely "neutral" in economic terms, with maturities compatible with the existing rules, which allow the majority shareholder to increase the participation of up to 5% within a period of twelve months, and after, having reached 45%, you can move up freely.



Gentiloni: mode hostile, government alert

In the immediate effect would be to "sterilize" the shares that are the subject of derivatives, rescuing them in fact to the supposed climber. The floating, however, starts to run low, because almost 60% is officially classified between the first and the second-largest shareholder, and another 15% is in the hands of retail is usually the last to move : in theory, the arena of dispute is limited to a maximum of one-fourth of the capital, it is to be supposed, with many hedge funds entered the position in the last few days.



The strategy of Mediaset and the possible moves of the future

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it Is evident that if the intent of Bolloré is to sit down to deal from a position of strength, nevertheless, the Berlusconi family does not want to be stripped. Today, the "ambassador" of Bolloré, Vivendi Arnaud de Puyfontaine, will be in Italy to participate in the board of directors of Telecom, which will be held in Rome starting from 10. It is not excluded that take advantage of the system, for a visit linked to the dossier Mediaset. Never say never, is the motto of De Puyfontaine: even if the door seems closed, business is business. You will check today if there is any glimmer of understanding. Otherwise, there is to expect everything. Also that the financier breton press the button to go forward after the first stage, which resulted in up to 20% of the Biscione.

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