MediaForEurope (MFE), the Berlusconi family-led European giant, has increased its stake in German broadcaster ProSiebenSat.1 Media to 43.6%.The results of MFE’s voluntary public takeover offer, which ended August 13, are short of a majority stake, but the Italian company has another two weeks to convert more shareholders’ stake into its fold. MFE had previously owned just over 30%.ProSieben said a second acceptance period would run between August 19 and September 1. On September 4, MFE will announce the final results of the share acquisition process.Another key ProSieben shareholder, PPF IM, had increased its stake to 18.4% from 15% ahead of the closure of a separate offer on August 13. Though PPF was aiming for a stake closer to 29.9%, it remains a loud and important voice on the ProSieben board and appears to disagree with MFE’s strategy to incorporate ProSieben into a European giant capable of directly challenging the likes of Netflix.Bert Habets, Group CEO of ProSiebenSat.1 Media SE: “MFE and PPF have been important shareholders of ProSiebenSat.1 for a long time. With their offers, they have underscored their long-term investment and commitment to our company. We will now wait for the end of the additional acceptance period for MFE’s offer, which will provide clarity about the future shareholder structure.”MFE has been agitating to grow its stake in Unterföhring-based ProSieben for a significant period now. It first launched a takeover bid in late March, which was roundly rejected by ProSieben’s board as a lowball offer. An improved second offer, which put a 22% premium on the share price and included shares in MFE, was deemed acceptable and the buying-selling period began.MFE owns Italian group Mediaset, a leading player in Italy’s TV sector, and Mediaset España, which owns the likes of Telecino and Cuatro. The collective group is owned by Fininvest, a holding company originally controlled by the late former Italy Prime Minister and media mogul Silvio Berlusconi. His eldest children, Pier Silvio and Marina, now control his business empire.
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