December 3, 2021

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Mediaset agrees to change its name to MFE and a dual capital structure

This content was published on November 25, 2021 – 13:56

Rome, November 25 (EFE). The audiovisual group Mediaset will as of today be called MFE-MediaForEurope, although its companies Mediaset Italia and Mediaset España will retain their name, and will have a dual-tier capital structure that provides flexibility in future mergers.

Today’s Mediaset shareholder meeting agreed to change the name of the Berlusconi family holding company, whose legal headquarters are in the Netherlands, and a new structure with two types of shares that will have a different nominal value and also different sympathetic rights.

Mediaset said in a note that it expects this new structure to come into effect before January 1, 2022 and stressed that it is essential “in the pursuit of creating a pan-European conglomerate in the entertainment and content sector, which will provide greater flexibility in financing future mergers and acquisitions”.

The share capital consists of common A and B shares. Each outstanding share will become a “B” and all shareholders will be entitled to one ordinary “A” share for each “B” share they own.

The nominal value of A shares will be 0.06 EUR with the right to vote. “B” will be 0.60 euros, with the right of ten votes.

Both categories will be equal in economic rights, as well as with regard to the collection of profits, and will be included in Euronext Milan (EXM), operated by Borsa Italiana.

The group’s shareholders supported the issuance of up to 1,181 million ordinary A shares in the next 18 months.

A shares will be issued and B’s face value adjusted using the company’s reserves.

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Mediaset is trying to expand its business, after tensions with Vivendi for years that crippled in 2019 the attempt to merge Mediaset Italia and Spain to create MediaForEurope (MFE), an audiovisual giant the Italians wanted to be able to compete against platforms like Netflix.

Last May, the Berlusconi family and its groups Fininvest, Mediaset and Vivendi announced the termination of their disputes, which began in 2016 when the French partner withdrew from the agreement to purchase the private channel Mediaset and became with nearly 30% of the Italian group.

Vivendi will support the international expansion of the Italian group and will sell 19.9% ​​of the capital Mediaset owned by Simon Fiduciaria Trust on the stock market for a period of five years, while Fininvest will be able to buy the rest without selling.

Fininvest will also acquire 5% of Mediaset from Vivendi at €2.7 per share and the French group will remain a shareholder in Mediaset with a 4.61% stake. EFE

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