The Italian audiovisual group Media For Europe (MFE), the former Mediaset and controlled by the Berlusconi family, launched a voluntary takeover bid for its subsidiary Mediaset España on Tuesday.
The offer, according to the specifications published by the Spanish National Securities Market Commission, is addressed to all the shares that make up the share capital of Mediaset España, of which the Italian parent company owns 55.69% of the shares.
Specifically, MFE is seeking 44.31% of the Spanish company’s share capital by offering 1.86 euros per share in cash and 4.5 in ordinary shares.
Mediaset España operates the television channels Telecinco, Cuatro, Factoría de Ficción, Boing, Divinity, Energy and Be Mad.
The CNMV yesterday suspended the company’s listing in anticipation of the takeover bid. The operation was expected by the market and that is why the Milan Stock Exchange decided on Tuesday to temporarily suspend the listing of MFE.
The CEO of MFE, Pier Silvio Berlusconi, son of the tycoon and former prime minister, explained that “the idea of promoting geographical areas” where MFE “is already a leader”, Italy and Spain, “always based the creation of a European conglomerate” of television.
Now, after the disputes with the French group Vivendi, settled last year, MFE wants to start its “first economic and financial rationalization” with this operation that will “increase resources and scale” for its international development, the note reads.
At the same time, MSF “will continue to invest” in the German company ProSiebenSat.1 with the idea of ”strengthening European media” and in turn “offering new growth opportunities to investors” of Mediaset Spain.
“At a time like this, any activity that reinforces The European project and its identity in the process of globalization ongoing is good news for our future,” concluded Berlusconi.
The Mediaset group, controlled by the Berlusconi family, changed its name to MFE-MediaForEurope last November, although its subsidiaries Mediaset Italia and Mediaset España maintain their name.
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In 2019, the group attempted the merger between Mediaset Italia and Spain to create an audiovisual giant capable of competing against platforms such as Netflix, but the Italians’ legal disputes with the French partner Vivendi paralyzed the operation.
MFE has a market capitalization in Milan of 1,334 million euros and this Monday its shares rose 3.7% in mid-session, to 1.16 euros.