Fininvest on everything, but also Mediaset which became Mfe (MediaforEurope), Mediolanum Bank, Mondadori, the soccer team of Monza. And then financial investments, villas and real estate properties of all kinds, jets, helicopters and so on and so forth for a total assets approaching 4 billion euros.
This is broadly speaking the legacy that Silvio Berlusconi, died today at the age of 86, leaves to five children Marina, Pier Silvio, Barbara, Eleonora and Luigi. The two older ones were born from his first marriage to Carla Elvira Lucia Dall'Oglio, the other three from his troubled marriage to Veronica Lario.
Fininvest and the Berlusconi family holding companies
With a turnover of subsidiaries or heavily owned companies higher than 5 billion euros and about 20 thousand total employees, the group that refers to Fininvest founded by Silvio Berlusconi is one of the major Italian entrepreneurial realities. Even before the Knight's entry into politics, Berlusconi's galaxy had its heart in Fininvest, which controls the equity investments in the three listed Mfe (47,9%), Mondadori (53,3%), Banca Mediolanum (30%), and which in turn is controlled via a system of 7 holdings: four attributable to Silvio Berlusconi with one overall share of 61,21%, the other three in the hands of the children.
In particular, holding companies fifth and sixth are owned by Marina and Silvio, each with 7,65% of the capital of Fininvest. There fourteenth holding on the other hand, it controls 21,4% of the capital of Fininvest divided equally between the other three children (Luigi, Eleonora and Barbara, each with just over 7%).
We must not forget the roles and tasks in the hands of each one: Marina she is chairman of Fininvest and Mondadori and director of Mediaset and Mediobanca, Pier Silvio he is a director of Fininvest, CEO and executive vice president of the Mediaset group and CEO and president of Italian television networks. As regards children born from second marriages: Barbara is a director of Fininvest and CEO of Holding Italiana fourteenth, Eleonora holds one third of H14 (has no operational assignments by choice) e Luigi he is a director of Fininvest and Banca Mediolanum, sole director of the B Cinque holding, and chairman of the board of directors of the fourteenth holding, of which, as mentioned, he holds a third of the shares together with his older sisters.
The legacy of Silvio Berlusconi
The succession therefore concerns that 61,2% up to now in the hands of the Knight which will now be distributed among the children. In figures it is a participation that is worth more 2 billion euros. Silvio Berlusconi has never said publicly what the division should have been, nor indicated what they will be balance between the two branches of the family after his death.
On paper, therefore, different scenarios open up that all revolve around a question: "Who will hold the majority of Fininvest"?
If the former Prime Minister had decided to divide his share by five, giving each child the same percentage, Marina and Pier Silvio will find themselves with the most important operational positions, but with 19,9% of the capital each and therefore - together - with a share of Fininvest just under 40%. In reverse, the other three would hold 58% of the shares and therefore the majority of the company.
However, there are numerous other possibilities on the plate, starting with the share of the available inheritance required by law and equal to one third of the total. It is a part of the estate that has fallen into succession which the testator can dispose of without any constraints, freely deciding its destination regardless of kinship or similar ties. If therefore, by hypothesis, it was distributed among the five children only 40,8% of the shares, removing the 20,2% of the available inheritance, the balance would be very different: Veronica Lario's three children would stop overall at about 46% and the majority would stake precisely on that 20,4% of the available share capital of which Silvio Berlusconi was able to arrange as he thought.
Not just Fininvest
Everything else also depends on the distribution of Fininvest's shares. The portfolio of the giant from Cologno Monzese includes equity investments in Mfe (47,9%), Mondadori (53,3%), Banca Mediolanum (30%), and other investments including the Manzoni Theater (100%). The historic 2% stake in Mediobanca was instead sold in May 2021, raised above all by Delfin.
What remains outside Fininvest should also be taken into consideration: houses, private jets, helicopters, etc. The stands out above all holding Dolcedrago which owns many of the ex Premier's real estate properties, including the Idra real estate, which in turn owns some family homes such as Villa Certosa.
The legacy therefore hinges on a game of joints and percentages which could displease or make one of the two branches of the family happy. At stake are billions of euros and control of one of the most important entrepreneurial realities in the country.
