Prosiebensat, the former Mediaset launches the challenge: hypothesis of a list for the board
The voltage between shareholders and management in view of the renewal of the supervisory board, scheduled for next spring, of the German group Prosiebensat, attended by Mediaforeurope, formerly Mediaset, at 25%. And while type A shares drop 7.1% to € 1, B shares move back by 2.47% to € 1.24, the stock of Easy weather in Piazza Affari.
The moves of Easy in the German media group were revealed yesterday by the communications of the German Consob, the Bafin. The Cologno Monzese group also announced that the possibility of further increases in the capital of Prosiebensat, at least up to the takeover bid, which would trigger when 29.9% is exceeded.
As it relates The sun 24 hours, to raise the tension, probably, was also the extension of the contract to the number one of the German company, Rainer Beaujean, on which Mediaset has never shown particular enthusiasm, and the indication of Andreas Wiele, former member of the board of Axel Springer and with past also as a consultant for Kkr, as future president of the supervisory board, in place of the outgoing Werner Brandt.
In his communication to Bafin, Mfe has made it clear that it does not want to influence the renewal of the Supervisory Board, but with an important clarification: “Depending on the future voting proposals of the Supervisory Board of ProSiebenSat.1 Media for the election of the members of the Supervisory Board, it could be decided to make use of the possibility, reserved to each shareholder pursuant to of the law on joint stock companies, of submit their proposals “.
In short Mediaset there is not to be a spectator in the game of governance of the German group. Pending developments, Equita recommends caution on Mfe’s shares, which debuted yesterday at Business Square with the double shareholder structure A and B, aimed at also favoring any extraordinary transactions. “On the first day of trading of shares A and B, a discount of 14% was opened between the two shares. Discount because we believe that A shares will become more liquid in the long term (used in the Mfe aggregation strategy) and furthermore Mfe is not contestable “, commented the analysts.
The the target calculated for Equita’s shares is 1.5 euros, “without applying discounts / premiums between the two securities at this stage”. Yesterday, on the other hand, type A shares closed at € 1.098 and type B shares at € 1.28, showing an increase of 1.62% in the sum of the two shares compared to the closure of the Mediaset share at € 2.34. Friday.