The fight for ProSiebenSat.1 has concluded, with Italian media giant MFE-MediaForEurope significantly increasing its stake in the German broadcaster. Following competing takeover offers, MFE now holds 43.57% of ProSiebenSat.1 shares, as announced on Monday.
MFE's increased shareholding combines shares acquired through its voluntary takeover offer with previously held shares and additional purchases. An extended acceptance period runs until September 1st, with the final results expected on September 4th. MFE's bid, offering 1.3 MFE-A shares and €4.48 cash per ProSiebenSat.1 share, valued each share at approximately €7.99 based on August 15th Milan share prices.
Czech investment group PPF, meanwhile, secured an 18.41% stake, concluding its offer on August 13th. This acquisition period was not extended, with settlement anticipated by August 28th.
“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,” stated ProSiebenSat.1 CEO Bert Habets.
This outcome follows months of competition between MFE, controlled by Silvio Berlusconi's family, and PPF, led by Renáta Kellnerová. MFE's initial bid in March aimed to strengthen its existing stake, steadily built since 2019. PPF's counter-offer in June promoted a more gradual approach to investment. While PPF secured a substantial stake, their bid ultimately lapsed.
The final outcome hinges on the additional acceptance period. Analysts suggest that over 50% ownership might allow MFE to consolidate ProSiebenSat.1 into its accounts, with 75% enabling full integration, though regulatory approvals may still be necessary. For now, the broadcaster's future remains partially uncertain under the divided ownership of two powerful investment groups.