The expansionist aims Mediaforeurope (Mediaset) On the continent they are again at a deadline. The project, cradled by Pier Silvio Berlusconi since he took on the guide of family holding, He focused on Germanythrough an opa on the German Broadcaster CONTEREBENCEIt1to then evaluate other opportunities in Europe setthery starting from France. MFE’s plans were undermined by counter-opa launched by the Czech company Ppfwhich has relaunched at a higher price, putting at risk the outcome of the proposal made by Mfe.
Competition for the conquest of Prosiebensat1 is not good for anyone, not even to the German broadcaster, who today On the stock exchange he loses well over 7%. But Mfe also travels in red in Piazza Affari with a 1.6%descent.
A step back: Mfe’s opa on continuation
Mediaforeuropemajority shareholder of Prosiebensat1 with a 30%share, launched a public purchase of voluntary purchase to a consideration just exceeding the minimum allowed equal to 5.74 euros per shareto be liquidated in part in Cash (4.48 euros) and partly in Mfe shares (0.4 shares). Opa does not aim for the delisting of the title, but to guarantee Mfe a strong presence in the capital of German societyto be a long -term industrial partner.
The Czech blitz: what aims?
But the MFE plans were put in crisis by the Czech group Ppfactive in different sectors and also in the media sector, second shareholder of Proibensat1 with a 15%share. There counter-opa It was launched at a much higher price than MFE a 7 euros per share, with a de 21% prizesuch as to make the first offer not very attractive and empty it of interest. PPF, in reality, does not aspire to conquer the majority of the German broadcaster, but the threshold in which the obligation of Opa would stop, just before, at 29.99% of the capital. The Mires of PPF are financial, non -industrial, but above all the aim would be to give a hard time to MFE, equaling its weight in the capital and contributing to any strategic choice that concerns continuation1.
Mfe’s board takes stock: which chance
The Board of Mfe He met yesterday to take stock of the situation, certainly more complicated by what he appeared at the beginning. An information meeting from which little or nothing has leaked, if not the will e the commitment to establish itself as an industrial partner long -term of the German Broadcaster. The PPF intent is clear: block the advance of MFE and form a block minoritycounterbalanced the weight in the capital and having a weight in strategic decisions. What MFE will do It is other pair of sleeves. There are various options: let the opa go on at the proposed price, also taking advantage of some direct purchase on the market, or relaunch at a higher price of the 7 euros proposed by PPF. In any case, the operation will have a higher cost than expected for MFE.
