After the attempt last spring, ended in failure to the hits of the carte bollate, Vincent Bollorè try to win Mediaset with the ways of the "strong". By Wednesday, the company controlled by the French entrepreneur, Vivendi, has reached 20% of the company of the Berlusconi family.
The former premier said that the family and the Fininvest will not allow the conquest of Mediaset on the part of the "stranger". the at Least not without a fight. And in defense of the Serpent, as in the Italian tradition, is supported also by the Government criticizing the move of Bollorè.
The story is indicative of the state of the art of Italian business, always been accustomed to do business by hiding behind the protection and favouritism of the Government of the day. But in a global market, very competitive, and the weaknesses of Italian come to the surface: in Italy there are no capital, and lack of the capitalists. And if the "foreigner’s ” we buy" is because we are not able to walk on our legs, because if the policy does not raise the walls in defense of our small land, the Italian capitalism is doomed to failure. In a few words, the capitalists in italy have the money, when paying for the Pants.
Mediaset vs Vivendi
let’s recap for a moment the previous episodes. On 8 April, Mediaset and Vivendi have reached a first agreement that provided for the purchase by the company of the French, 89% of Premium (11% of the Spanish group Telefonica), and one exchange of shares: 3.5% of shares in Vivendi in exchange for 3.5% of Mediaset. All accompanied by a clause which obliged the two companies to keep the participation of 3.5% in the other for at least 3 years and the possibility for Vivendi in this three-year period to go from 3.5% to a maximum of 5% of the share capital of Mediaset.
At a certain point, however, Vivendi has been asked by Mediaset to change the terms of the agreement: Bollorè has proposed to the Biscione to buy only the 20% of Mediaset Premium, instead of 89 per cent, and the chance to get in the next three years to hold 20% of Mediaset, accusing the company of the Berlusconi family to have rigged accounts to convince the French to sign the agreement. Open up the sky. From here began a battle to the sound of accusations, cheap shots, and official documents. In fact, the agreement is skipped.
Vivendi and the hostile takeover
Hopped on the agreement, Vivendi has remained with his 3,01% of Mediaset, until Monday. Already yesterday (Wednesday 14 December) the French company of the Bollorè held 20% of the car company. Berlusconi has now spoken of a "hostile takeover" by exhibiting, family, businesses, and the historical shareholders to the defence of the family jewel.
As a counter hit Fininvest, a holding company which owns all of the equity of the Berlusconi family, rose from 38,266% 39,775% of Mediaset. And the more of them there can not go. the The holding company, in fact, in 2016, has already reached the maximum number of tickets that can be purchased (5%), without triggering the obligation to launch a public tender offer.
Fininvest and then has his hands tied until April 2017, when there will still be need will be able to strengthen its position in Mediaset. Something, perhaps, could do it Mediaset increasing the company’s own shares (now 3.75%), but the risk is that the shots the obligation of tender offer.
Open parenthesis explanatory note. The tender offer is a public offer of purchase, or an invitation that a company makes to investors and minority shareholders, why sell the shares in their possession of the company the object of the climb.
The public tender offer, i.e. for the conquest of 100% of the company, may be voluntary, that is launched by the buyer to obtain control of the company, target, or obligatory when a shareholder exceeds the threshold of 30% of the share capital (or when a shareholder above the 30% purchase more shares which effectively concentrate control of the company in his hands). In the latter case, the buyer is forced by law to attempt the climb in order to protect especially the small shareholders, who may not enjoy the new ownership structure: for this reason the price of the bid is often very generous to the shareholders (and conversely expensive for those who throw the OPA).
Berlusconi speaks of the "operation hostile" because the board of directors of Mediaset does not agree with the strengthening of Bollorè in the shareholding structure of the company, and he fears that it may launch a public tender offer. But even without trying to climb at 100% of Mediaset, the new shareholder, weight can claim to be represented in the board of directors of the company with all the powers (kind of control) that derive from it. the Closed parenthesis.
Mediaset and the defence of the Government
To echo the statements of the former premier Berlusconi, arrives at the narrow turn, the Minister of economic Development, Carlo Calenda. Admitting “the absolute respect of the Italian Government to the rules of the market”, the minister “does not really seem that what may appear as an attempt, quite unexpected, hostile takeover of one of the greatest bands in the Italian media, is the most appropriate way to proceed in order to strengthen its presence in Italy”.
The truth is that even for Mediaset ended the era of the fat cows. those were the days of the duopoly of the Italian Rai-Mediaset, in which the Biscione erodeva year after year, the hard core of viewers of the public tv and was manbassa advertising. The arrival of Sky first, and then other online platforms for the use of tv programmes, has changed the framework, thus complicating not a little the life of the Berlusconi family.
The former premier, in a perennial conflict of interests, has always taken care of their companies, as well as to provide the best of the Italian tradition: in the absence of capital sounding for doing business, the close link policy-entrepreneurs, who often had walls to defend the vegetable garden, the Italian, has always been the keystone of Italian business. As recalled by Mario Seminerio on on Phastidio just remember the close bond that the Lambs had with the Italian politics and of all the public money went to fund the FIAT or how many bailouts of Alitalia have been made with our money.
But today the policy of italy has its hands tied because the banks of protectionism are broken for the imposition of the globalization and because the time of the economic boom and of the costs (to the public) crazy are finished by a piece because the money ran out. So the companies and the great Italian entrepreneurs are naked before the world changing, and are easy prey to "foreign" with wallets bulging and the desire to enter the Italian market (which is not money, but excellence). the and Then if the foreigners arrive to the conquest of Italy by buying a bit at a time is only our fault that we have opened the sell-by believe our billionaires out of papier-mâché that taxpayers ‘ money would be taken to always save them with the pants.
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