Prosiebensat, Ppf fund exits and paves the way for Mfe
The Czech holding company announced its decision to contribute its 15.7% stake to the group led by Pier Silvio Berlusconi in the conclusion of the Opas on its Bavarian subsidiary
2' min read
Game, set, match. In the game for control of Prosiebensat comes the twist that now paves the way for the Mediaset group to take control of the German media company. The Czech holding company Ppf has announced its decision to exit Prosieben and thus hand over its 15.7 per cent stake to the Opas promoted by Mfe, while also divesting the remaining financial instruments held on the company.
If its mission as a direct investor ends here, Ppf - which had promoted a competing offer to that of Mfe even though it was limited to reaching 29.9% of the capital, thus stopping at the threshold of the takeover bid - nevertheless claims one achievement: to have pushed Mfe to significantly improve the terms of its offer, increasing the valuation of the German company and bringing benefits to all shareholders.
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Moreover, Ppf specifies in a notice, 'with more than 43% of ProSiebenSat.1's voting rights, MFE's shareholding is most likely sufficient to guarantee a simple majority at any ProSiebenSat.1 shareholders' meeting. At the same time, PPF's limited acceptance prevents PPF from continuing its original role as a strategic investor, interacting with MFE on equal terms and contributing its expertise in the creation of digital transmission platforms'.
With the 50% threshold now exceeded, the doors of control open for Mfe, with the need to guarantee Prosiebensat's debt of more than one and a half billion euros with the banks. On the other hand, the path that the group led by Pier Silvio Berlusconi began in Germany in 2019, with an initial purchase of 9.6%, progressively rising until the launch of the Opas (announced in March and started on 8 May, with an upward revision on 28 July), comes to the actual "The End" - which will now be made official on 4 September by Bafin, the German equivalent of Consob. Six years marked by a lot of resistance in Germany, with a wall that began to crack after the death of former Prime Minister Silvio Berlusconi, used - leveraging the political side - as an argument to curb any ambitions of the Biscione in Bavaria.
A strategic victory, in short, that now strengthens the project to create a pan-European television pole based in Italy and Germany.
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