Silvio Berlusconi has broken his silence and has spoken with harsh words against the operation promoted by Vivendi on Mediaset by defining the maneuver “hostile”. He did a few moments before the group of the match to announce to the market to have reached, “at least for the moment,” the goal: is to 20% of the group of Alfa. The whole story, however, is now in the crosshairs of the prosecutor of Milan, which has opened an investigation charged unknown persons for market manipulation in following the exposed presented by Fininvest against the French group Vivendi. The complaint was signed by the lawyer Niccolò Ghedini.
Mediaset: prosecutor Milan opens the dossier for handling the market
Meanwhile, it should be noted that the French pack, the card, is more than enough to ask for the convocation of an assembly and its representation in the board of directors. But the pool of lawyers of the Berlusconi family would work to stem more lunges. In particular, you are trying to understand if there are grounds to ask an ordinary court, an injunction to block the voting rights in the hands of Vincent Bolloré on the heels of the complaint has already been filed. You will see.
Confalonieri: “We’ll defend, but Vivendi is the insidious”
In the while, as said yesterday, the president of Mediaset, Fedele Confalonieri, group, now must protect itself from external competition, “but also from the inside of the company itself”. Not to mention that, and there are many who believe Vivendi could continue its ascent, taking the more possible close to the 30%. A move that will prove even more aggressive than it already has been, having declared a 20% in little more than forty-eight hours. So much more than that number of shares may represent a true minority of the block. With respect to this hypothesis, from Paris to respond with a “no comment” but the spectre of that happening is stirred evidently in the palazzo of via Paleocopa. Here, the clear stance taken by the former premier. “The purchase of Mediaset shares by Vivendi, not agreed in advance with Fininvest, – said Berlusconi – can not be considered an operation hostile”. To this, the Berlusconi family is responding in a compact manner, especially on one point: “we have no intention of letting someone try to resize our role of entrepreneurs. For this reason, we have increased our participation and we will continue to do so within the limits allowed by the law”.
Fininvest has in fact reached the maximum number of tickets that can be purchased in the course of a year, unless it intends to launch a public tender offer. Last may, in the wake of the agreement signed with Vivendi for the program, he noted, 1.27% of the share capital, plus the shopping recently, 3,527%, bring the account to a murmur by 5%. And he may not carry out any further transactions until April 2017. However, Mediaset can’t even round to further the company’s own shares, now equal to 3.75%. The risk, in fact, is that it can take, however, in the head of the holding company, the obligation of tender offer.
Tear to force the agreement
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AT this point, it is assumed that on the market, putting further secure the company of Cologno may take part to third parties. Plausible? Of course, the world always been close to the Knight seems to have made a square around the group. That’s why we can not exclude that long-time partner, someone assumed the family Doris, may intervene to give a hand to the historic member. You will see. Much will depend on how they will work the diplomacy. Of course, the two advisors of Mediaset, UniCredit and Intesa Sanpaolo, are hard at work to better support the company of Cologno Monzese. And the road passes obviously by the changes to the corporate structure. Also because, to the state, Berlusconi seems to have closed the door to dialogue: “Vivendi has had the opportunity – has underlined yesterday, with the strategic agreement, signed last April, starting with Mediaset, a partnership that was fruitful for both groups. Unfort unately, this agreement has been disowned by Vivendi in the manner and with the consequences legal and otherwise, that are known. This is certainly not the best card in that Vivendi may exhibit in the re-emergence as a shareholder in the industrial society”. Understand, then, that, during the summit of the family and in subsequent contacts, Berlusconi has repeatedly stressed that now we must “resist in all the ways” first, by building an embankment that would serve to make it very unlikely that the success of an eventual Takeover bid hostile to the French.
Mediaset, Calenda: hostile takeover inappropriate. The Government monitors
And with its times, politics has intervened today in a strong way on the matter. The minister of Development Carlo Calenda warned: the one that appears to be a “hostile takeover” is not the most appropriate way of proceeding “in order to strengthen its presence in Italy”. Calenda also reminds us that the company of Cologno “work in a strategic field such as that of the media, the way you do is not irrelevant.
Finally, the market continues to believe that the fight is not finished: yesterday, Mediaset shares were up 1% but trading boom equal to 7% of the capital.
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