Pier Silvio Berlusconi and Silvia Toffanin
Prosiebensat, Amber sides with Mfe
There proposal put forward by Mfe-MediaForEurope aims to obtain the support of the other shareholders of Prosiebensat. One of the first to show its support was the Amber Capital fund, whose president and founder, Joseph Oughourlian, told Reuters which will support the change in strategy proposed by Mfe for the German media group during the shareholders meeting at the end of the month.
In recent days, the group led by CEO Pier Silvio Berlusconi, main shareholder of Prosiebensat with almost 30% of the shares, has requested the inclusion of the evaluation by a third-party expert on the separation of the group's dating and e-commerce businesses from its core television businesses. This is to accelerate the long-awaited relaunch of the German broadcaster with the sale of non-core assets.
Amber Capital, one of the top 15 shareholders of Prosiebensat with around 1%, announced its support for the Mfe proposalalso underlining the willingness to vote in favor of the other proposals put forward by Mfe, including the candidates for the supervisory board of the German group. Amber's announcement could influence other investors to support the Cologno group.
According to rumors, the first research carried out by proxy advisor Georgeson shows a significant support among hedge funds and institutional investors towards Mfe's proposals. However, the possibility of starting evaluations on the spin-off requires the consent of at least 75% of the capital present at the meeting.
The motives of Andreas Wide, president of the supervisory board of Prosiebensat, who seems to oppose Cologno's proposals, remain uncertain. Some operators believe that Wide wants to prevent the renewal of positions on the supervisory board. Mfe has proposed two new members for the board, Leopoldo Attolico and Simone Scettri, to replace Rolf Nonnemacher.
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