The pole that would arise from the concentration between Hey Towers e Rai Way would have "the two main network operators as customers" and the "advertising sales market" on TV, making "Mediaset potentially capable of influencing the competitive conditions of its main competitor”. writes it theAntitrust, which yesterday launched an investigation into the offer made by EI Towers (of the Mediaset group) for the purchase of Rai Way, the newly listed company that manages the public television transmission towers.
With the acquisition of Rai Way, Ei Towers “would go to eliminate the only national competitor” in the TV tower sector - continues the Authority -, becoming the only group to have "an infrastructural network" for television broadcasting "in the entire national territory", with a market share "of over 70%" .
The Antitrust intends to establish whether the eventual completion of the operation could determine or strengthen a dominant position in the market for television and sound broadcasting infrastructures. In consideration of the "vertically integrated" nature of the Mediaset group, the investigation - explains the Authority - is also aimed at verifying the possible effects on competition in the various downstream markets in which the Group is present, including in particular those of digital terrestrial television (digital broadcasting) and television advertising sales.
The investigation must be concluded within 45 days, without prejudice to the deadline set for the release of the opinion by the Communications Authority. Given the terms in which the Antitrust has expressed itself, however, it is foreseeable that the operation will not be able to receive the go-ahead in the terms envisaged up to now.
Thus the importance of the increases underground negotiation between the parties. After the announcement of the takeover bid, which took place on 24 February, and after the intervention of the government, which reaffirmed its intention to maintain 51% of Rai Way, the two companies started informal negotiations.
Ei Towers and Rai Way are apparently looking for a solution to rebalance the weights of the two shareholders in the post-merger company (according to the current structure, 31% would be owned by Mediaset and just 14% by Rai, therefore by the Treasury). The prospectus on the takeover bid must be presented to Consob by 16 March, but, but Ei Towers could accept a post-merger minority stake in the event of the involvement of a third party that strengthens public control, such as Cassa depositi e prestiti or the F2I fund.
