Spain’s National Securities Market Commission (CNMV) has authorized a bid launched by Italian group MediaForEurope to acquire the remaining 44.31% of Mediaset España it does not already own, the regulator said in a statement.
In a statement, the National Securities Market Commission said that MediaForEurope’s offer was for 138.763.424 shares in Mediaset España, representing 44.31% of its share capital. MediaForEurope already owns a 55.69% stake in Mediaset España, either directly or indirectly.
Furthermore, CNMV announced the consideration offered consists of nine newly issued MFE A shares and €3.72 in cash for each two Mediaset España shares. The new MFE A shares will be listed on Euronext Milan, where all MediaForEurope shares are already listed.
The public offer was admitted on April 29 after MediaForEurope, controlled by the family of former Italian Prime Minister Silvio Berlusconi, previously announced the intention to buy out minority holdings in its Spanish subsidiary. The media group has also bought a stake of more than 25% in German media group ProSiebenSat.1 as part of its European expansion strategy.