Silvio Berlusconi’s will and the fate of listed companies: all hypotheses – Corriere.it

And now to work, Silvio Berlusconi would say. The life of his companies continues. Mfe-Mediaset to carve out a leading role in Europe. Mondadori is traveling towards one billion in turnover. Mediolanum is the “engine” of dividends, the jewel (1.8 billion capitalization) which alone is worth two thirds of the Fininvest share portfolio.

And also at work to ground, transform the last will of the founder into deeds and deeds. When will they be announced. The will, given as highly probable, will give the line. From what is claimed among professionals close to the family, the lighthouse in the choices of the Knight for the after himself is the synthesis of two words: continuity and compactness.

And yesterday in the Cathedral, the children holding hands and Marina holding Marta Fascina’s hand appeared as a compact family-team like Arrigo Sacchi’s Milan. Translated and transferred to the level of corporate governance it means that a stew of the Biscione is very unlikely.
So the idea that Banca Mediolanum could “break away” from the Fininvest mother to get closer to the three youngest children, leaving the field free for Marina and Pier Silvio on Mondadori and Mfe-Mediaset, is a hypothesis that circulates but – according to converging sources – runs in the empty.

It is evident that these are the days of even suggestive conjectures. For example, there are those who claim that Berlusconi’s sureties on Forza Italia’s debts (92 million) are guaranteed by personal assets and would be the subject of a will. The concrete facts, however, will only be read by the notary, taking for granted what is not 100% yet, namely the existence of a will.

Times could be short, the notary should be Arrigo Roveda of Milan. Exactly 30 years ago, «Forza Italia! Association for good governance», first nucleus of the party. Close times because the Fininvest meeting for the budget and appointments is upon us (June 29) and then because the group has companies listed on the Stock Exchange and speculation thrives if the information barriers are lowered.

In the meantime, the race for Mfe-Mediaset shares has stopped which yesterday closed the session down (-2.82% for Mfe A and -2.45% for Mfe B), after the sprint in the last few sessions (+25% for type A shares and +16% for those type B, which have more weight as voting rights and are less volatile). The speculation on the securities revolved around the future of the Fininvest control which, as is now known, will only be clarified upon the opening of the will. Also supporting market rumors on possible aims of foreign groups and new investors. But both Fininvest and Pier Silvio Berlusconi, with declarations aimed at reaffirming continuity and stability, have dampened the speculative “enthusiasm”.

The fact remains that today Mfe with its 1.75 billion capitalization (ie the stock market value of 100% of the capital) is light years away from being that high-speed train and rich dividends that drove the whole group. The top was reached in 1999 with a capitalization of 18 billion. Today Mediolanum (6.2 billion capitalization) is the goose that lays the golden eggs and not just for coupons: 30% of Fininvest is in the balance sheet at 116 million but is worth 1.85 billion and therefore the potential capital gain is enormous. Returning to the Stock Exchange, Prosieben closed slightly down (-0.6%), the German television company in which Alfa Romeo is largely the leading shareholder with almost 30% of the shares; Banca Mediolanum progressed, closing the session with +0.48%. An increase of one percentage point above Mondadori’s two euro quota, which Fininvest controls with an absolute majority of 53%.