Mediaset: Oddo reviews case after Pro7Sat1 stake taken

(CercleFinance.com) - Yesterday, Mediaset announced its acquisition of 9.
6% of Pro7Sat1's capital on the market (9.9% of voting rights).
Pro7Sat1 issued a statement a few hours later, saying that it welcomed this investment, as it reflected a certain level of confidence in the group.

The Italian group probably has a double goal: first, get a place on the group's board and then push for a merger between both groups via Pro7Sat1's absorption by Mediaset, Oddo says.

Based on Mediaset's 9.6% stake in Pro7Sat1 and the capitalisation of both groups, Oddo believes that Fininvest could hold 1/3 of the new group's voting rights, thanks to the recent activation of dual voting rights at Mediaset (2019 AGM), the broker adds.

Oddo believes that Pro7Sat1 may not support this plan and could prefer strictly organic development, saying that it seems possible that Pro7Sat1 is not very much behind an offer in shares and is fighting for simple bridges and operational collaborations (for example a JV).



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