After more than six years from the first investment, Mfe-MediaForEurope conquest the German ProSiebenSat. The group Czech Ppf has decided to go out from ProSieben, contributing its 36.539.628 shares – approximately 15,68% of the capital – to the MFE offer and liquidating the remaining financial instruments. The news had an immediate impact on the marketI Mfe A titles rise by 8,12%, while those B recorded a rise of 7,43%. The German group's shares also rose by 1,79%.
With this operation, Cologno Monzese exceeds 58% of the capital of the German group, consolidating its position as the largest shareholder and paving the way for stable and long-lasting control over the Bavarian broadcaster.
Mfe (formerly Mediaset)'s takeover of ProSiebenSat
At the beginning of the summer, Mfe had launched a public offering on the shares of ProSiebenSat.1, with the aim of exceed 45% of the capitalThe former Mediaset, already the largest shareholder, currently held approximately 33,3% of the shares and voting rights.
During the offer period, which ended at the beginning of August but extended until the first days of September, changes were made new actions for a total of 10,26% of the capital, bringing the Biscione's overall share to 43,57% of the capital and 43,6% of the voting rights.
At the same time, Ppp, which aimed to acquire a 29,99% stake in the German broadcaster, had stalled at 18,4%. The limited acceptance of its offer made it impossible for the Czech group to maintain its role as a strategic investor alongside the Italian group, as confirmed in a PPF statement: "We were unable to attract a sufficient number of shareholders to support our objectives. With over 43% of the voting rights, MFE's stake is most likely sufficient to secure a simple majority at any meeting." The sold shares were valued at approximately 8 euros each, in line with their stock market value.
With the closure of the membership, Mfe will also be able to consolidate the ProSiebenSat.1 debt, exceeding two billion, but below the critical threshold with respect to the gross operating margin and already covered by a line of credit signed by the Biscione.
Mfe's updated offer
At the end of July the former Mediaset has revised the terms of the offer, bringing the total price to 8,62 euros:
- Cash portion: 4,48 euros (unchanged)
- Equity component: from 0,4 to 1,3 newly issued Mfe A shares for each ProSiebenSat.1 security granted
La reopening of the period The extension of the subscription period until September 1st offered a new window to shareholders who had not yet transferred their shares, as happened today with Ppf.
Institutional and strategic support
A key moment in the game came in early August, when the boards of directors and surveillance ProSiebenSat declared Mfe's offer "adequate" and recommended membership, underlining Cologno Monzese's long-term investment in the broadcaster.
The German campaign of the company led by Pier Silvio Berlusconi has also been supported by government Bavarian, which is essential as Munich must authorize any mergers between Cologne and the Unterföhring group.
Pier Silvio Berlusconi's control and future prospects
With over 43% of the voting rights already in the hands of Mfe and the participation of Ppf, Pier Silvio Berlusconi strengthens the control Group Italian on group tedesco. The turnout is likely sufficient to guarantee a simple majority in the meeting, ensuring stability for the MFE CEO's industrial project.
The future strategies are clear: focus on the television sector, develop operational synergies, and strengthen its presence in Europe's largest advertising market, Germany. Thanks to careful debt management and institutional support, Cologno Monzese can celebrate this strategic victory and look forward to building a major European media player.
