Mediaset-Telecom, the pickets of the Nra – Il Sole 24 Ore

ROME

Operations is to concentrate the control of Telecom Italia and Mediaset “may be prohibited”. The Authority for guarantees in communications, spoke about the story of the rise of Vivendi at the pole, the television controlled by Fininvest. Reiterating what was mentioned yesterday by The Sole 24 Ore, the Nra reminds that the consolidated Text on audiovisual media services and radio prohibits to acquire revenues in excess of 10% of Sic, the integrated System of communications, who holds a share of more than 40% of the Italian market of electronic communications. The Nra stresses, such as Telecom Italia, “whose majority shareholder is the Vivendi group, with a share of the share capital of the 24,68%” is the main operator on the market of telecommunications, with a share of 44.7%. Take then the roof ad hoc 10% (for other enterprises, such as Mediaset, which is 20% of the Sic). And who controls Telecom may not get to check Mediaset, which reaches in 2015, with a share of 13.3% of the Sic. This "ceiling" of 20% (10% for Telecom Italia) can not be exceeded even through subsidiaries or associates. The control exists in the form of dominant influence, when a subject, for example, to exercise the majority of votes in the ordinary shareholders ‘ meeting or the appointment and dismissal of the majority of the directors. It seems obvious that – for now – there does not exist a dominant influence on the part of Vivendi and Mediaset, and then click the control joint. The Nra, in fact, speaks of the operation “which may be prohibited”. The same rule, of course, would prevent Fininvest, which controls Mediaset, to have a dominant influence on Telecom through growth of its own shares.

Right here are the rules of the guarantor. Different to the discussion on possible regulatory interventions. In this case, in the environments of government, it is admitted that it would be difficult to find a tool that does not end up to appear to be a measure of protectionism. The powers of veto of the golden power are not exercisable, because Vivendi is a company in the community and because the tv sector is not among the strategic assets to protect: defence, energy networks, networks, transport, network, tlc.

in Brussels yesterday, the premier Paolo Gentiloni said on the matter Mediaset “the government has clearly said that it is an operation of the market”. But he expressed a critical evaluation on the “how hostile” of the operation that is conducting Vivendi. And showed a watchful attention, in view of the nature of the industry.

At the level of political forces there is a soul of a majority of the Pd in particular, that has historically convinced of the effectiveness of the separation of the fixed telephony network, in this case, the theoretical deterrent to Bolloré in the case of leftovers in the idea of an axis Mediaset-Telecom. But it moves so extreme, may appear in contradiction with the beliefs of the pro-free market. For now you must go forward with a moral suasion “system” in some way, coordinated between the political and the financial world as evidenced by the words of Carlo Messina, ceo of Intesa : “we Support Mediaset in this operation, it is important that Italian companies remain Italian”.

That there are no measures in the field, but a willingness to do the pressing of the confirmation, in a television interview, the minister of Justice Andrea Orlando: “The government can’t intervene because it can prevent a dynamic of the market, the government can put down stakes” is not looking at the owner of the company, but to 20 thousand employees”.