shared control of the holding passes to the five children of Berlusconi-Corriere.it

Five instead of one, in the footsteps of the founder, who passed away on 12 June. From today, Fininvest, which emerges from Silvio Berlusconi’s will, enters a new era but does not shed its skin and not even the surname of those who own the shares: it will be the evolution of itself. The Milanese holding is the heart of the Berlusconi legacy. The total assets, however, are vast and articulated, with real estate assets worth hundreds of millions under the umbrella of another holding, Dolcedrago, parallel and not controlled by Fininvest. Four billion (approximately) for five children. Everyone arrived at the day of reading the will with great willingness to collaborate – says a source close to the family – also to find solutions to the many problems that can arise by modifying complex corporate architectures. Just think, for example, that il Cavaliere did not have 61% of Fininvest directly but through four holding companies with cross-shareholdings.

Governance

a delicate and complex harmony also in governance. Marina and Pier Silvio Berlusconi, who have been at the forefront of day-to-day management for years, will have responsibility shouldered as the “elderly” of the family, those who know the group inside out. Barbara, Luigi and Eleonora are also key shareholders in strategic choices. Basically now there is no longer a majority shareholder, founder, entrepreneur-driver and father of the other five partners. The passage of formal powers for the leadership of the group took place years ago with Marina as president and ample power attributed to managers. Now collegiality is increasing, but so is the burden of responsibility. And wealth grows proportionally: in the last 5 years, excluding 2023, the former premier with his 61% had collected 312 million in dividends. This year another 61 will arrive out of the 100 total to be divided by 5.

Corporate and tax laws

The will points the way but then the last will of the former prime minister must be grounded. It is here that the technicians will have to move expertly in the jungle of corporate and tax regulations to guarantee the balance indicated by the will. It will take time and in the short term there could already be indications on how the structure of the holding company which has significant shareholdings (Banca Mediolanum) or controlling interests (Mfe-Mediaset, Mondadori) in listed companies will be configured when fully operational. The difficulty of pigeonholing the Cavaliere’s provisions is also due to the configuration of the large real estate assets which all together are worth roughly 6-700 million. Up-to-date expert reports will presumably be required. Major real estate such as Villa San Martino in Arcore and Villa Certosa in Sardinia they are in the portfolio of a company (Immobiliare Idra) controlled by Dolcedrago controlled by Berlusconi and now, therefore, in the hereditary assets.

The real estate companies

Except that the onerous management of the villas forced Immobiliare Idra to raise cash in the family so three years ago an 80 million bond was issued with a maturity of 2027 subscribed by Fininvest and by the safes of the children who have registered a mortgage. Dissolving these financial issues while respecting the distribution of assets desired by the Knight will be a fundamental step in order not to endanger the will of the five children to proceed together – reiterates the source close to the family – despite the many problems to be solved.