Mediaset, from each other Vivendi comes with a legal – Milano Finanza

The road out of the clash with Vivendi , which opened a legal dispute after the failure to reach an agreement about the Premium, is only for the Mediaset . “If it was legal,” he reiterated in no uncertain terms today, on the sidelines of a meeting with Banca Imi in order to present to investors, the guidelines to 2020, the group managing director of Alfa, Pier Silvio Berlusconi, making it clear that the only way you will resolve the dispute with the French.

so Much so that the top manager later clarified that “there is no news, there has been no contact between Vivendi and Fininvest, nor between Vivendi Mediaset ” except for a meeting of the courtesy asked by the ad giant’s media-French, Arnaud de Puyfontaine, after the entry in the share capital of the group. It was him revealed, to speak “of a hypothesis Tim Vivendi , Mediaset with the great concern of not to think that they are in control of Telecom”. However, this “words”, it was an agreement that went “from a partnership of shareholders, but doe s not interest us”.

the Mediaset “has suffered a huge damage, not so much for lack of sales, but for the damage that the activities of the program have suffered,” he recalled. The current situation is not simple. But, he stressed, “from the reports we see seem to me to be more concerned about them. We here we are and here we stay,” he reiterated, stating, finally, that the Mediaset does not involve a shareholding in Telecom Italia, . “Our profession is the broadcaster and produce content and we have to defend our interests and those of our shareholders.”

In the last few days, some rumors have speculated agreements with Vivendi , flitting from one exchange of equity investments Fininvest, which involves the share of the French Telecom Italy (24%). “The dual presence of Vivendi Mediaset and Telecom Italia has, in fact, created a stalemate that prevents the further strengthening of the French company in the group, the Italian media”, remind the analysts at Icbpi (buy and target price to 1.07 euros confirmed on the title, rating and target price under review on Mediaset ).

Therefore, Mediaset go forward with legal action and no matter whether, in view of the presence of Vivendi 29,9%, the French with a share of more than 5% can convene an extraordinary general meeting. “All goes still to the votes and a relative majority of Fininvest seems pretty solid,” said the ad, deeming it “too difficult” for an eventual supremacy of Vivendi , “I do not think that it can’t happen!”.

At the level of strategy, the pay-tv Mediaset may still have an important role, but with a different weight. “The approach is more opportunistic and rational in the upcoming auction for the television rights of the football (Serie A and Champions League, ed.), our core business is general television and the production of local content in Italy and Spain,” he observed again, comparing the business of the group to a pyramid at whose base there are the local productions and the tv is a generalist, while the tip are paid for products.

“The pay-tv classic will make a lot of effort in the next few years,” and after the battle with Vivendi a possible sale, maybe to the Sky, “becomes more difficult,” he said, stressing, however, that “today there is no hypothesis of this type”. While “it is not said that you are not able to catch the football. Today is not contemplated that you may acquire with a few other partners, but it is very difficult, if not impossible, for the football to be only on the satellite” he concluded, ” Pier Silvio Berlusconi.

in the Meantime, while the Paris stock exchange the title Vivendi earn 1.93% 17,96 euro, Piazza Affari Mediaset , after the statements of Pier Silvio Berlusconi, confined to a progress by 0.14% to of 4.28 euros and Telecom Italia, advanced by 0.18% to 0,8415 euro. “The voices will not disappear in a short time, while the legal process is going on its way: the next deadline is the 21st of march,” they are the present analysts of Banca Akros (rating neutral target price to 4 euros), according to which Mediaset is correctly valued at these price levels, “the financial plan has been digested by the market and speculation remains the main driver for this history of investment”.

However, the analysts of Mediobanca, Securities continue to believe that the main focus of Vivendi is on the media, but they also believe that the French will consider an exit from Telecom Italia, only one time the market will have appreciated the renovation done by YOU, Flavio Cattaneo, that could lead to strong value creation. Certain that “the end of the saga Vivendi -Mediaset is not around the corner. Therefore, we do not see any need to exit from Telecom Italia, in the short term, the title on which we confirm the rating of outperform and the target price to 1.23 euro (rating neutra l target price to 4,09 euro Mediaset , ed.). Among other things, the French presidential election may have an impact on the evolution of the story, as it could open a review of the financial statements of TMT French, with an indirect impact on the Italian”.