Extraordinary summit in the MFE house to evaluate the move of the Czech group. Objective: consolidate the majority and strengthen governance in continuation. 1
This afternoon MFE summoned an extraordinary meeting of the Board of Directors to discuss the offer launched by PPF in a reserved basis on a 29.9% share of continuous. According to sources close to the company, the CEO Pier Silvio Berlusconi illustrated the strategy to follow to the Council, obtaining unanimity of the consents. No official resolution has been taken, but the line remains clear: to strengthen the majority shareholder position and guarantee MFE full decision -making autonomy within the German group.
The industrial project on Prosieben remains unchanged. MFE’s goal is to build a European media pole, strengthening its presence in Germany. However, it remains to be evaluated how the situation will evolve after entering the Czech group in the field.
The PPF move came yesterday, with a 7 euro proposal per share to get to hold 29.99% of the capital of Cereebensat.1. A higher offer than that presented by MFE – equal to 5.74 euros per share (of which 4.48 euros in cash and the rest in MFE A shares) – but with a very different goal: it is not a public purchase of the competitive purchase, but a parallel and partial operation.
The MFE strategy, in fact, aims at full control. Starting from a share of 29.9%, the group led by Pier Silvio Berlusconi exceeded the 30% threshold thanks to the totalitarian opa launched on May 8 and valid until June 6. Once that limit is passed, MFE can operate freely on the market, further consolidating its position in continuation. 1.
The PPF approach is different, which already holds 14.94% of the capital and aims to strengthen up to 29.99% without exceeding the threshold that would force a totalitarian opa. The message is clear: the Czech group wants a place at the table, with an active role in governance, but does not aim for direct control. This was confirmed by the CEO of PPF, Jiří Šmejc, who declared his intention to play a more incisive role in the surveillance council of the German average company.
A detail that has made the position of Bert Habets, CEO of Prosiebensat.1, who welcomed the offer of PPF, calling it “a signal of support for the support strategy of the company’s digital transformation”. An endorsement that surprises for two reasons: the timing of the declaration, which appeared almost simultaneously with the announcement of the operation, and the clear reversal of course compared to the criticisms that PPF had moved in the past to the German management – criticisms shared also by MFE.
The next few days will be crucial to outline the future structure of the Bavarian broadcaster, at the center of a financial match with multiple strategic implications.
