In Berlusconi's will the choices for continuity in the leadership of companies - Corriere.it

In Berlusconi's will the choices for continuity in the leadership of companies - Corriere.it


Of Mario Gerevini

The structure of Fininvest and the role of Marina and Pier Silvio. Barbara, Luigi and Eleonora could receive other assets from their father's estate as "compensation". Marta Fascina will be able to stay in Arcore

It's a long way to go. But from what little transpires there would be no conflicts or tensions to accompany the expectation of the Berlusconi family for the opening of the will of the founder of Fininvest and Forza Italia. However, it would only be a matter of days. It is difficult to imagine that the Knight in his last wishes could have distorted the virtuous balance, corporate and governance, on which the foundations rest a group that in the last 5 years (waiting for the results of 2022) had given him 312 million in dividends. Those who know him well bet on the line of continuity for Fininvest. And also of the gratitude and affection for Marta Fascina to whom the former prime minister may have reserved the usufruct of a part of the Arcore villa as well as a large sum of money.

But it is on the future of companies that expectations and concerns are focused, also because Fininvest has significant shareholdings (Banca Mediolanum) and controlling interests (Mfe-Mediaset, Mondadori) in companies listed on the Stock Exchange. Basically Berlusconi - to listen to some reconstructions - would have designed the structure of the group in such a way that Marina and Pier Silvio they can maintain the management of Mondadori and Mfe-Mediaset as well as an operational "hold" on the parent company Fininvest. For the other three children, Barbara, Luigi and Eleonorathe role of active shareholders would be reconfirmed, also in the strategic choices within the competence of the board of directors.

Continuity would, however, be grafted onto a Fininvest whose shareholding structure changes radically because there will no longer be a shareholder with the absolute majority (61%). With the legitimate share of the inheritance, the three youngest children will be able to reach the 46% about while Marina and Pier Silvio al 32% total. «Dance», therefore, the 20% about which was the dowry (a third of the assets) available to Silvio. It was because in the will it is written, presumably, how it will be placed. It is a sufficient share to upset the balance in Fininvest. But also to dictate the line of continuity, if this was really the Knight's last will. How? For example - but it is only a hypothesis - allowing Marina and Pier Silvio to get closer to the share of the other three brothers in order to achieve a greater balance without absolute majorities.

It would leave out a share of collateral that may have been assigned to trustees or trusts. At that point Barbara, Luigi and Eleonora could receive as "compensation" other assets from their father's estate which, according to an approximate calculation, reaches at least 4 billion. The main component is the value of the shareholdings in the three listed companies. The real estate portfolio can be calculated, always on the spot, around 6-700 million. There are some properties frequented by the family, such as Villa Certosa in Sardiniaand others that could go on the market immediately, such as Villa La Lampara in Cannes. On June 29, the 5 brothers will all meet together to vote on the last Fininvest budget of the Silvio Berlusconi era.

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June 27, 2023 (change June 27, 2023 | 08:08)



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