Berlusconi's eldest heirs strike pact for joint control of business empire

Arnoldo Mondadori Editore

15/09/2023 17:22

MILAN, Sept 15 (Reuters) - The two eldest heirs of late
media mogul Silvio Berlusconi have agreed an open-ended pact
which binds them to vote together at the family holding
company's shareholder meetings, regulatory filings showed on
Friday.
    In his will, Berlusconi, who died aged 86 in June, handed
Marina and Pier Silvio, the offspring from his first marriage, 
joint control of his media and financial empire held by family
holding company Fininvest.
    Under their pact, Marina and Pier Silvio, each owning a 26%
indirect stake in Fininvest, agreed to consult at least five
days before any Fininvest shareholder meeting to agree a joint
position, the documents showed.
    The agreement secures a dominant influence of the eldest
heirs over the family holding company, the regulatory filings
said.
    Fininvest controls publisher Mondadori  MOED.MI ,
broadcaster MFE-MediaForEurope  MFEB.Ni , as well as a 30% stake
in Italian asset manager Mediolanum  MOED.MI , all listed on the
 Milan stock exchange.
    Under their arrangement, the two siblings will have a
further five days to consult if they are unable to reach common
ground. If no agreement can be found, the pact is dissolved and
each would be then free to exercise their voting rights as they
wish.
    Berlusconi's will has been unconditionally accepted by all
his five heirs, including his younger children Barbara, Eleonora
and Luigi, who hold a combined 48% stake.
    All of the heirs agreed a lock-up period of five years,
during which time they have pledged not to alter the stakes they
hold in Fininvest, the filings showed.
    Under Fininvest's new bylaws, if a takeover approach for
Fininvest materialises, and a group of heirs holding a combined
majority stake agree to sell, they have the right to force other
heirs to sell their holdings under the same terms, according to
the documents.

 (Reporting by Elvira Pollina; Editing by David Holmes)
 ((elvira.pollina@thomsonreuters.com))