MEDIASET-VIVENDI, CLICK HERE TO READ THE JUDGMENT OF THE FIRST GRADE OF THE CIVIL SECTION COURT
Thud of Mediaset in Piazza Affari in the session following the cold shower of the first civil judgment in the former billionaire case, given the small amount of compensation (1.7 million) for the moment granted to the Biscione, with Vivendi. In the late morning the stock left over 4% on the ground at € 2.358, despite the broadcaster Italian announced “the appeal on appeal regarding the quantification of the damage suffered, also in the light of the evidence highlighted in the course of the parallel criminal investigation against Vivendi, elements that emerged after the expiry of the terms for the production of evidence in civil proceedings and therefore not considered by the Court “.
In conclusion, the group from Cologno Monzese flaunts confidence in the goodness of its accusatory system which starts from the recognition by the Milan courts of “Vivendi’s serious breach of the obligations under the contract stipulated by the parties on April 8, 2016” on the sale of the pay-tv Mediaset Premium.
The market is selling for two reasons. On the one hand, as the analysts of Equita, “The Court’s decision is negative considering Mediaset’s claims for damages“, which together with those of Fininvest, reach three billion, comment the experts who therefore have reduced the total value of expected compensation to 115 million from 392 million from Vivendi from the Biscione resort.
On the other hand, again as pointed out by Equita, in the coming months, iThe group controlled by the Berlusconi family “will have a less advantageous position in a possible negotiation with Vivendi “in the strategic operations of the company where the French, after the rejection by the European Court of the rule of the consolidated act of audiovisual and radio media services on share crossings in telecommunications companies, are preparing to make their own weight felt with all their weight In fact, at the end of June Mediaset will hold the budget meeting which will also have to renew the corporate bodies, an appointment in which Vivendi will present itself with all its package, equal to 28.8% of the share capital, with attached voting rights.
With a share of such proportions, explains the Sole 24 Ore, Vivendi will have on the one hand the possibility of blocking the buy-back that Pier Silvio Berlusconi wants to score (up to a maximum of 20% which, taking into account that the company already has 3.56% of the capital in its portfolio, would allow Fininvest, which holds 44.2% of the capital, to increase to over 55% of the voting rights ) is hence the further strengthening of the holding in Mediaset, on the other hand will have the numbers to win all seats reserved in the council for minorities: two directors if the board is made up of a maximum of ten members or three if the number of directors is set from 11 to 15.
With 28.8% of the capital, Vivendi will also have almost one certain “minority” block in extraordinary shareholders’ meetings where the resolutions are valid if taken with a majority of two thirds of the capital present. In other words, the enemy Bollorè will also have the last word on extraordinary transactions, such as the transfer of the headquarters of the Biscione (already skipped the move to Holland, with the project Media for Europe, precisely because of the opposition of the French) or the corporate mergers.
It remains to be understood how the criminal affair will evolve (Vincent Bollorè and Arnaud de Puyfontaine and stock manipulation under investigation) relating to Vivendi’s takeover: investigations closed for a few months, there is no news on possible indictments. However, Logica would like the two groups to sit down again to avoid other years of Vietnam, which would end up compromising Mediaset’s attempts to carve out a future on the European stage. Col Biscione for the moment in an evident position of weakness. So the market sells.