Berlusconi heirs accept will, agree five-year freeze on stakes (updated)

Arnoldo Mondadori Editore

11/09/2023 19:25

(Adds details and background about the heirs)
       MILAN, Sept 11 (Reuters) - The five children of the late
media tycoon Silvio Berlusconi on Monday accepted "in full
harmony" their father's will, the former prime minister's heirs
said, ensuring a smooth transition for his business empire.
    In becoming the sole owners of the family's holding company
Fininvest, the heirs have committed to a five-year so-called
"lock-up" period during which their respective stakes will
remain unchanged, a person with knowledge of the matter said.
    Berlusconi, who died in June aged 86, in his will handed his
eldest children, Marina and Pier Silvio, control of the majority
of Fininvest, which had assets worth 4.5 billion euros at the
end of last year. 
    "Marina, Pier Silvio, Barbara, Eleonora and Luigi Berlusconi
announce that they have accepted their father's inheritance,
interpreting his last wishes in total harmony to honour his
memory with profound gratitude," they said in a joint statement.
    The heirs signalled unity in foregoing the possibility of
accepting the inheritance under the benefit of inventory, which
would have lengthened the procedure as it requires checks to cap
any liabilities at the value of the assets, the person said.
        Marina and Pier Silvio, the children from Silvio
Berlusconi's first marriage, have been for decades at the helm
of the family's media and TV businesses Mondadori  MOED.MI  and
MFE-MediaForEurope  MFEB.MI , previously Mediaset.
  
    Marina has chaired Fininvest since 2005. The family holding
company also owns a 30% stake in Italian asset manager Banca
Mediolanum  BMED.MI , worth 1.8 billion euros at current market
prices, as well as top league soccer club AC Monza.
        Marina and Pier Silvio will own a combined voting stake
of 52% in Fininvest, the source said, with the remainder held by
Berlusconi's younger three children, the offspring from his
second marriage.
  
        Barbara, Eleonora and Luigi will have the right to pick
three Fininvest board members under an agreement with the eldest
siblings, the source added.
  

 (Reporting by Elvira Pollina; editing by Valentina Za and
Timothy Gardner)
 ((elvira.pollina@thomsonreuters.com;))