Media group PPF disposes of ProSiebenSat.1 shares to Silvio Berlusconi
Czech Investor PPF Sells Shares in ProSiebenSat.1, Paving Way for Berlusconi Family's Media For Europe Acquisition
In a significant development, the Czech PPF Group has announced its decision to sell its shares in ProSiebenSat.1, paving the way for the Italian media conglomerate, Media For Europe (MFE), to potentially acquire a majority stake in the German media company.
The bidding war between PPF and MFE for ProSiebenSat.1 shares has been intense, with MFE taking the lead with a higher offer. Initially, PPF held around 15 percent of the shares, while MFE already held over 40 percent. However, PPF's inability to win enough shareholder support for its goals has led to its decision to sell its shares and withdraw from its engagement with ProSiebenSat.1.
The takeover of ProSiebenSat.1 by MFE is now closer to completion, with the deadline for share sales officially running until September 1. If successful, MFE will hold a simple majority at general meetings, as they already have over 40 percent.
The Berlusconi family's media conglomerate, MFE, is associated with the Berlusconi family. However, there have been criticisms about the takeover plans due to Pier Silvio Berlusconi's ties to right-wing populist parties and Russia. The Berlusconi family has consistently denied these accusations.
Media State Minister Wolfram Weimer (independent) has expressed concern about the journalistic independence of ProSiebenSat.1 and plans to meet with Berlusconi to discuss the matter. Weimer's concerns stem from the potential influence of MFE's ownership on ProSiebenSat.1's editorial policies.
Previously, ProSiebenSat.1 had recommended its shareholders to accept the offer from Media For Europe. The takeover period for the shares had preliminarily ended without either company reaching the 50 percent majority. Now, with PPF's decision to sell its shares, MFE is expected to reach the majority stake.
It is important to note that no official statement has been made by other parties regarding the purchase of ProSiebenSat.1 shares after Media for Europe, owned by the Berlusconi family, intends to acquire a majority. The sale by PPF is expected to enable MFE to complete the acquisition of ProSiebenSat.1, subject to regulatory approval and other closing conditions.
ProSiebenSat.1 has not yet publicly commented on PPF's announcement. The takeover of ProSiebenSat.1 by MFE could potentially face further scrutiny due to the aforementioned concerns. However, the acquisition could also bring new opportunities for growth and expansion for both ProSiebenSat.1 and MFE.
As the situation develops, it will be interesting to see how the acquisition unfolds and what impact it will have on the media landscape in Europe. Stay tuned for more updates on this developing story.
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