Italian media group Mediaset announced Friday that it will merge Mediaset Spain, Mediaset Italy and its 9.6% share of Germany's ProsiebenSat1 into a holding company called Mediaforeurope, which will be based in the Netherlands.
Confirming the rumors that had first been revealed by Bloomberg and that Mediaset itself had been responsible for denying, the Italian media group announced at the end of last Friday that it will merge Mediaset Spain with Mediaset Italy.
It will also add its 9.6% share of the German ProsiebenSat1 and will create a holding company called Mediaforeurope which will be based in the Netherlands.
As detailed, the operation would allow them to save up to 110 million euros until 2023.
"The corporate reorganization opens the possibility of developing businesses that are difficult to achieve separately," it was explained by Mediaset.
"The expected synergies could grow exponentially with the addition of a third or fourth country to the project," they added, leaving open the possibility of acquiring more European chains.
Despite the relocation of the group's headquarters to the Netherlands, the Mediaset Spain and Mediaset Italy operations will continue to be developed in their respective countries.
"After the merger, the companies' operating activities will remain in their current locations, in the same way as the branches, taxes will continue to be paid in full in Italy and Spain as the case may be, as will production and employment, which will continue in a stable manner in each country, which guarantees that no offshoring will occur," they detailed.
According to the terms of the agreement, each shareholder of Mediaset Spain will receive 2.33 ordinary shares of MFE for each share of Mediaset Spain.
"The proposed transaction consists of the cross-border merger of Mediaset Italia and Mediaset España into DutchCo and will be carried out in the context of a single transaction."
"As a result of the merger, DutchCo will be renamed Mediaforeurope (MFE) and will be the parent company of the company. group that will acquire all the assets and assume all the liabilities and other legal relationships of Mediaset and Mediaset España, which will consequently cease to exist as independent entities", said Mediaset's statement for the National Securities Market Commission (CNMV).
On Friday, the CNMV suspended the negotiation of Mediaset Spain' stock, before the rumors finally materialized.
Pier Silvio Berlusconi, son of Silvio Berlusconi, is the CEO of Mediaset, a company in which Fininvest (operated by the Berlusconi family) has a participation of 44.18%. The French company Vivendi also has 28.80% of Mediaset.
Mediaset Italy has 48.67% of Mediaset Spain's shares.
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