MILAN. “This seems to be the typical model of Bolloré – have written to the analysts of Mediobanca, this morning, to explain the purchase of 3% of Mediaset by Vivendi – to acquire a small stake, then climb, and then try to influence the direction of society.” Of course, this time the industrial-financier breton moved quickly seen that already at the end of yesterday’s session, with the title Mediaset, rearing of 31%, Vivendi said to possess 12.3% of the Biscione. Having already announced his intention to go up to 20% but not more than, for the moment, there is to imagine that this share will be reached in a short time, already before Christmas. The movements on the title, however, are suspect, especially for those climbing the is undergoing, and thinks that the operation is the result of a great deal of speculation. In fact, it is not easy to understand which Bolloré we are all faced: the raider or the industrial? He was also asked to be the Financial Times not very long ago, not arriving at a precise answer. The businessman breton has acquired solid industrial family, ranging from logistics, to the electric batteries to the advertising, but relying on this heritage, consolidated in the time often took the opportunity to incursions financial always go to a good end. Before the was, as at the time of Lazard, now from the bridge is Vivendi, the giant of the media that has sold all the investments by telephone that he had in the belly, and is left with a large liquidity in cash. But anyone who knows him well assures that Bolloré behaves differently depending on where it operates: in France you can’t afford to make the ruler in the companies that affect it, such as Havas or the more recent acquisition of Ubisoft, in which his money has eclipsed the family Gallimard. While in Italy, he has always used a softer approach, more measured. The demonstration is Mediobanca, where you came back in 2002 to defend Vincenzo Maranghi and then remained for nearly fifteen years, with a share of 8%, never exceeding the largest shareholder of the Italian. Telecom Italia has started from an 8% received from the Telephone exchange of the equity investments of south america, and then has climbed up to 25%, ensuring the quasi-control of the company, considering that the market is the master with 75%. In Mediaset, the story is a little different. The relationship of knowledge between Bolloré and Silvio Berlusconi is a long time and is facilitated by the good offices of a common friend Tarak Ben Ammar, while with the children, Pier Silvio and Marina, the dialogue is much more difficult. Especially since last July, when Vivendi has overturned the table of the agreement that had been reached in great harmony to April and that sparked an exchange of shareholdings between the two groups and the assumption by the French of the hot potato of Premium, the pay tv on terrestrial digital television, which is zavorrando the whole Mediaset. Now the relationship between the sons of Berlusconi, and the French have deteriorated to the point that it can push Bolloré to play the card more aggressive, while a step behind the first shareholder. That is, the purchase of shares on the open market, a semi-climbing, up to 20% with the intent of gaining a voice in the Mediaset enlarged, and try to pi ck up the threads of dialogue with Berlusconi in person, heartened after health problems last summer and the reinvigorated politically by the outcome of the referendum. The step back Renzi has made a pleasure to Bolloré that mal had endured the descent in the field of Enel against Telecom in the match of the broadband network. In this context, the eye of the financier, suggested that it was not a good time to break the deadlock and try to get off to milder councils of the allies-adversaries. By the shareholders of Mediaset almost on a par with Berlusconi and Bolloré could sit at a table and easily find a way to solve the malaise of the Premium, which goes for a rapprochement with Telecom to the damage of Sky. And draw also the future of Mediaset, in a more european and maybe without children at the helm but with a more managerial one. However, the risk of passing for a raider pure is high at this time as well as the possibility that the Italian system is compact in rejecting the a lien. In the next few months you will know if the Bolloré who are focusing on Mediaset is the financier or the industrial.
- Topics:
- Mediaset
- Vivendi
- company
- Starring:
- Vincent Bolloré
- Silvio Berlusconi
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