Berlusconi family holding adds two board seats as daughter Eleonora joins

Arnoldo Mondadori Editore

22/11/2023 11:50

MILAN, Nov 22 (Reuters) - Italy's Fininvest is naming
two new directors, as the Berlusconi family's holding company
reshuffles its board based on accords among the five heirs of
late media mogul Silvio Berlusconi over the future of his
business empire.
    Under the revamp, Eleonora Berlusconi, 37, will join her
siblings who already sit on Fininvest's board, a source with
knowledge of the matter said on Wednesday, confirming a report
by Italian daily La Repubblica.
    The other new entry is lawyer Michele Carpinelli, an M&A
expert and a long-time family adviser, the source added.
    In his will, Berlusconi, who died aged 86 in June, handed
his eldest children, Marina and Pier Silvio, joint control of
Fininvest through a combined, indirect 52% stake.
    Marina and Pier Silvio have been directly involved in
running the family business for almost two decades.
    Their younger siblings Barbara, Eleonora and Luigi, all from
Berlusconi's second marriage, hold the remainder of Fininvest.
        With the new additions, which will be effective on
Nov.30, the total number of seats on the board will rise to 10
from eight and each side of the family will add a
representative, the source said.
    Marina Berlusconi has chaired Fininvest since 2005. Pier
Silvio, Barbara and Luigi have long been board members.
    Berlusconi's will has been unconditionally accepted by all
his five heirs, who then agreed a pact that entails, among other
things, a five-year lock-up period during which their Fininvest
stake cannot change.
    The two eldest heirs have also agreed to vote together at
the family holding company's shareholder meetings.
    Fininvest's assets totalled 4.5 billion euros at the end of
last year and comprised publisher Mondadori  MOED.MI ,
broadcaster MFE-MediaForEurope  MFEB.MI , as well as a 30% stake
in Italian asset manager Mediolanum  MOED.MI , which are all
listed on the Milan stock exchange. 

 (Reporting by Elvira Pollina
Editing by Keith Weir and Valentina Za)
 ((elvira.pollina@thomsonreuters.com;))