Fininvest plan for the seizure of the shares of Mediaset in the head of Vivendi . According to what he has learned and the agency Mf-dow jones by sources close to the dossier, the legal holding of the house of Berlusconi are considering whether to ask the Court of Milan, and the confiscation of the shares of Alfa rakes on the market by the giant media French.
in The framework of the complaint of market manipulation presented by Fininvest on the 13th of September last to the public Prosecutor of Milan against Vivendi , exposed following the communication on the part of the French company have accumulated a stake of more than 12% of the Italian group, the share then increased to 20%.
The decision will be taken at the beginning of the next week, or at the end of the work that are engaging to the pool of lawyers coordinated by Nicolò Ghedini, lawyers who are preparing a huge dossier to be submitted in the next few days to the magistrates. Recently, Fininvest rose from 34.7% to 38,266% of the share capital of Mediaset and the 39,775% of the voting rights, net of treasury shares amounting to 3,795%.
The chief prosecutor of Milan, Francesco Greco, has entrusted the inquiry to the head of the pool economic crimes, Fabio De Pasquale, and two substitutes, Jordan Baggio and Stefano civardi’s lessons. In the meantime, the board of directors of Mediaset is called for the 20 December meeting, which will be the first after the entry of Vivendi in the shareholding structure. The appointment, in calendar time, not on the agenda points concerning the Vivendi , but a generic “update” on the progress of the companies and strategies. However, the moves of Bolloré, in the light of the facts of the last days, will be subject of discussion between the directors of Cologno Monzese.
But also the government monitors. The minister for economic Development, Carlo Calenda, has met today in Rome, Arnaud de Puyfontaine, ceo of Vivendi , according to a source close to the dossier, which has not provided further details on the interview. De Piyfontaine was in Rome to participate in the Telecom Italia board of directors Vivendi is the main shareholder.
Calenda has said in recent days that the “hostile takeover” of the group, Vincent Bolloré on Mediaset does not seems to be the way, “a more appropriate proceeding” in order to strengthen its presence in Italy. “However, when it comes to a company that operates in a strategic field such as that of the media, the way you do is not irrelevant,” added the minister, stating that “the government will monitor with attention the evolution of the situation”. No meeting, instead the manager and the new chairman of the Board, Paolo Gentiloni, according to sources of Palazzo Chigi.
In the morning on the affair was also attended by the vice-president of the Senate, Maurizio Gasparri: “the French, who rake in the shares of Mediaset can also relax and use their substantial resources. The climbing course can not continue”. As pointed out, in fact, paragraph 4 of article 15 of the law that bears his name, says that the companies that control 40% of the total revenues of the tlc sector may not control more than 10% of the system of communications (Sic) the sum of telecommunications, tv, internet, advertising, and so on”.
“of course, controlling Telecom, which is by far the largest shareholder, Vivendi, could never attain a position in the tlc sector and communications, in contrast with the standard referred to”, the minister continued. This provision of the Gasparri law was then transfused in the consolidated text of radio and television, where, with similar words, has been inserted to paragraph 11 of article 43. “How many of these hours are putting stakes do not to do favors to Mediaset , but only in obedience to my law,” he concluded.
In the meantime, the title Mediaset Square Business exchanges to share 3,52 euro, a decrease of 1.23%. This morning, analysts at Barclays, in a report entitled “From 0 to 20 in less than three days,” watched by the agency Mf-dow jones, have probed what might be the purpose of the climb of Vivendi Mediaset , the target price has been revised by the broker from 2.6 to 3.25 € (a rating equalweight).
In the first place, in view, there could be a merger between Telecom Italia Mediaset , which is not possible, however, at a normative level, as pointed out, in fact, the Gasparri. The second hypothesis is that Vivendi may have thought of losing the case at a Premium, and then intends to use the share of the company as well as commodity exchange to avoid paying a possible judicial penalty. “Depending on the amount of the fine pending this may make sense from a financial point of view, but at the same time could be rather aggressive and risky”, noted analysts at Barclays.
The third thought is that of “a great game, or a broad agreement with Orange . There have been several press articles on the fact that Bolloré wish to get involved,” the operator transalpine “in a mega deal with its assets in france and italy. Add Mediaset to the mix could make everything bigger, but also enable the top managers to have a greater share in the entity post-merger. If his ultimate goal was to be, with the French State, the reference member of the reality resulting from the merger, to purchase Mediaset could you help him to achieve his goal. A deal with Orange would, however, definitely needs the approval of Elisha, which is the largest shareholder of the company.”
A fourth hypothesis refers to the influence on the board of directors, which “would be difficult if not impossible” for the investment bank, according to which, even if Vivendi was able to obtain control of the board of directors, this should be against the rules to Sic. Finally, in the dance there may be a “long-lasting game: buy the whole Mediaset “. This “would be possible, but practically impossible in our opinion. The only way would be to convince Silvio Berlusconi to sell. We see it very unlikely. In the long term, however, some of his children may take on a different vision,” they concluded at the Barclays.
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