Fininvest

Last updated
Finanziaria d'investimento Fininvest S.p.A.
Fininvest
Company type Società per azioni
Industry Financial services
FoundedMarch 21, 1975;49 years ago (1975-03-21)
Founder Silvio Berlusconi
Headquarters
  • Rome, Italy (legal)
  • Milan, Italy (de facto)
Key people
ServicesHolding company
Revenue3,822.5 Euro (2022)  OOjs UI icon edit-ltr-progressive.svg
Decrease2.svg004 million(2016 company)
Decrease2.svg(€120 million)(2016 group)
Total assets
Decrease2.svg02.209  billion (2016 company)
Decrease2.svg €10.079 billion(2016 group)
Total equity
Decrease2.svg01.891 billion(2016 company)
Decrease2.svg02.344 billion(2016 group)
Owner Berlusconi family
Number of employees
Increase2.svg 17,415 (2016 Group)
Subsidiaries
Website www.fininvest.it
Footnotes /references
source; [3] [4] [5] Mediaset was consolidated as Fininvest had the controlling stake in the number of directors in the board

Finanziaria d'investimento Fininvest S.p.A., also known as Fininvest, is an Italian holding company controlled by the Berlusconi family and managed by Silvio Berlusconi's eldest daughter Marina Berlusconi.

Contents

Structure

The Fininvest group is composed of a number of companies, such as Mondadori (one of Italy's leading publishing companies), Teatro Manzoni (a theatre in Milan), Alba Servizi Aerotrasporti (a private jet company) and Fininvest Gestione Servizi.

Fininvest is the largest shareholder of MFE - MediaForEurope, which is currently the biggest private entertainment competitor in Italy, known for domestic operations in Italy through Mediaset (including Canale 5, Italia 1, Rete 4, among others), Spanish operations through Mediaset España, the film production company Medusa Film, and many other companies related to TV broadcasting. The deal to sell Mediaset Premium collapsed in 2016.

Fininvest's voting rights on Mediolanum was capped at 9.9999% by Italian Insurance Supervisory Authority despite owning about 36% share capital of the financial conglomerate; [6] the company reverse merger with subsidiary Banca Mediolanum in 2015. Fininvest had a shareholders' pact with Ennio Doris (the pact only bind to 25.5% share each, excess amount of share was not bind), [7] the largest shareholder of Banca Mediolanum, making the pact had an absolute majority in the bank for 51% share capital.

On 5 August 2016, Fininvest signed a preliminary agreement to sell 99.93% stake of AC Milan to a Chinese private equity fund Sino-Europe Sports. [8] The deal was completed on 13 April 2017.

On 15 February 2017, Fininvest announced that they bought an additional 2.9% shares of Mondadori (increased to 53.299%) [9] It was followed by and additional 1.27% shares of Mediaset on 12 May. [1] Fininvest had also purchased more shares in December 2016, [10] in response to hostile takeover by Vivendi.

Other investments

Fininvest owned 0.99% stake in Mediobanca, and was part of the shareholders' pact that owned about 31% stake in the bank in total. [11]

Controversies

The Berlusconi family does not control the company directly. Instead, its shares are owned by 38 separate companies, all named 'Holding Italiana' followed by a number (1-38), most of which are in turn controlled by Berlusconi. These 'Holding Italiane' have repeatedly come under investigation by the police for various financial and accounting irregularities, slush funds and money-laundering. All of them were created at the end of the 1970s by covert associates of Berlusconi's and received significant investments (several hundreds of millions of euros at today's value) from still unknown sources. Some of their liquidity was even deposited in cash. Much of the documentation of that time relative to the early financial and banking operations of these companies has been lost, in one case in a fire.

A report on those matters was commissioned by the general Dipartimento Investigativo Anti-Mafia (Bureau of Anti-Mafia Investigation) of Palermo in the 1990s from a finance expert working at the Bank of Italy, Francesco Giuffrida, to supplement the evidence in a tentative case against Berlusconi and associates for their alleged involvement with the Sicilian Mafia. In 1998, the case was temporarily shelved because of a lack of sufficient evidence to go to trial.

Related Research Articles

<span class="mw-page-title-main">Banca Monte dei Paschi di Siena</span> Italian bank

Banca Monte dei Paschi di Siena S.p.A., known as BMPS or just MPS, is an Italian bank. Tracing its history to a mount of piety founded in 1472 and established in its present form in 1624, it is the world's oldest or second oldest bank, depending on the definition, and the fifth largest Italian commercial and retail bank.

<span class="mw-page-title-main">Mediobanca</span> Italian investment bank

Mediobanca is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli and Enrico Cuccia to facilitate the post-World War II reconstruction of Italian industry. Cuccia led Mediobanca from 1946 to 1982. Today, it is an international banking group with offices in Milan, Frankfurt, London, Madrid, Luxembourg, New York and Paris.

<span class="mw-page-title-main">Marina Berlusconi</span> Italian businesswoman

Maria Elvira "Marina" Berlusconi is an Italian businesswoman. She is the chairwoman of the holding company Fininvest and the publishing company Arnoldo Mondadori Editore, the latter being the biggest publishing company in Italy. She is the oldest daughter of businessman and former Italian prime minister Silvio Berlusconi.

<span class="mw-page-title-main">Intesa Sanpaolo</span> Italian banking group

Intesa Sanpaolo S.p.A. is an Italian international banking group. It is Italy's largest bank by total assets and the world's 27th largest. It was formed through the merger of Banca Intesa and Sanpaolo IMI in 2007, but has a corporate identity stretching back to its first foundation as Istituto Bancario San Paolo di Torino in 1583.

"Bancopoli" was the name coined by the Italian press for the finance and banking scandals between July 2005 and January 2006. The Italian Banca Popolare Italiana (BPI), in competition with Holland's ABN AMRO for control of Banca Antonveneta, was given an unfair advantage by Banca d'Italia's president, Antonio Fazio.

RCS MediaGroup S.p.A., based in Milan and listed on the Italian Stock Exchange, is an international multimedia publishing group that operates in daily newspapers, magazines and books, radio broadcasting, new media and digital and satellite TV. It is also one of the leading operators in the advertisement sales & distribution markets.

Mediolanum S.p.A. was an Italian financial services company based in Basiglio, in Metropolitan City of Milan, founded by Ennio Doris in 1982. Mediolanum Group was headed by Mediolanum S.p.A., until reversed merger with subsidiary Banca Mediolanum in 2015.

Crédit Agricole FriulAdria S.p.A. formerly known as Banca Popolare FriulAdria S.p.A., or known as FriulAdria in short, is an Italian bank, which is part of Crédit Agricole Italia, the Italian arm of French banking group Crédit Agricole.

Banca Mediolanum S.p.A. is an Italian bank, insurance and asset management conglomerate which is the parent company of Gruppo Mediolanum. The CEO of the company is Massimo Antonio Doris, and the bank is listed on the Borsa Italiana and is a constituent of the FTSE MIB index from the end of 2015 when it incorporated its parent company Mediolanum S.p.A. Mediolanum Group was founded by Ennio Doris, the current second largest shareholders of the conglomerate. The conglomerate provided asset management, banking, and insurance services to customers in Italy, Spain and Germany

Banca Adriatica S.p.A. trading as UBI Banca Adriatica and formerly known as Nuova Banca delle Marche S.p.A. was an Italian bank based in Jesi, Marche region. It has operations in several regions in central Italy, but concentrated in Marche region, which 73% of the branches were located in that region as of 2016. The bank was formed on 22 November 2015 by the spin off of the good assets of the original Banca delle Marche S.p.A..

Gruppo Bancario Casse Emiliano Romagnole (CAER) was an Italian holding company and banking group, based in Bologna, Emilia-Romagna. The main company of the group was Cassa di Risparmio in Bologna (Carisbo).

<span class="mw-page-title-main">Credito Emiliano</span> Italian banking institution

Credito Emiliano S.p.A. (Credem) is an Italian bank based in Reggio Emilia, Emilia-Romagna. It was founded in Italy 1910. The company is a component of FTSE Italia Mid Cap Index.

Reti Bancarie was an intermediate holding company of Banca Popolare di Lodi Group. BPL's subsidiary reverse takeover listed company Banco di Chiavari e della Riviera Ligure in 2003. in 2006 it was absorbed into BPL.

Banca Caripe S.p.A. was an Italian saving bank based in Pescara, Abruzzo Region. There were 13 branches of the bank outside the Province of Pescara in Abruzzo and Marche regions, out of 48 total. In 2016 the bank was absorbed by the parent company Banca Popolare di Bari, but retaining as brand.

Cassa di Risparmio della Provincia di Viterbo (Carivit) was an Italian bank and charity organization. The banking business was acquired by Cariplo in 1990s. In 2015 Intesa Sanpaolo completely absorbed the bank.

Unipol Banca S.p.A. was an Italian bank based in Bologna, Emilia-Romagna, prior to its acquisition by BPER Banca from the Unipol group in 2019. On 25 November 2019, Unipol Banca was fully incorporated into BPER Banca and ceased to exist as a separate entity.

<span class="mw-page-title-main">Banca Popolare di Spoleto</span> Italian bank

Banca Popolare di Spoleto S.p.A. is an Italian bank based in Spoleto, Umbria region. It was a subsidiary of Banco di Desio e della Brianza.

A4 Holding S.p.A. known as Gruppo A4 Holding, is an Italian holding company based in Verona, Veneto region. The company owned Autostrada Brescia Verona Vicenza Padova (100%), the operator of Brescia–Padua section of Autostrada A4 and Autostrada A31, as well as an equity interests in Autostrada del Brennero, the operator of Autostrada A22 and Autostrade Lombarde, the parent company of the operator of Autostrada A35.

Cassa di Risparmio di Carrara S.p.A. was an Italian saving bank based in Carrara, Tuscany. The bank was absorbed by the parent company Banca Carige in 2015.

<span class="mw-page-title-main">MediaForEurope</span> Italian mass media company

MediaForEurope, officially MFE - MediaForEurope N.V., formerly Mediaset Group, is a Dutch-domiciled Italian-based media and communications company which is majority-owned by the Berlusconi family's Fininvest Group. MFE specialises primarily in free-to-air and pay-TV production and distribution on multiple platforms, as well as in film and multimedia production and distribution, and advertising sales. It has operations in Italy and Spain. It also holds a controlling stake in ProSiebenSat.1 Media.

References

  1. 1 2 "Fininvest sale al 41,09% dei diritti di voto Mediaset" (PDF) (in Italian). Fininvest. 12 May 2017. Retrieved 20 May 2017.
  2. "Company structure - Fininvest". www.fininvest.it.
  3. "Annual Report 2016". Fininvest. 2017 [circa]. Retrieved 23 December 2017.
  4. Fininvest 2016 bilancio consolidato (in Italian). Rome: Italian C.C.I.A.A. 2017.
  5. Fininvest 2016 bilancio (in Italian). Rome: Italian C.C.I.A.A. 2017.
  6. "COMUNICATO STAMPA CONGIUNTO" (PDF) (in Italian). Fin.Prog.Italia S.A.p.A. di Ennio Doris & C. / Fininvest. 2 April 2016. Retrieved 24 September 2016.
  7. "Estratto di patti parasociali ai sensi dell'art. 122 del d.lgs. 24.2.1998, n. 58 e dell'art. 129 Regolamento Consob del 14 maggio 1999, n. 11971" (PDF) (in Italian). Banca Mediolanum. 16 September 2016. Retrieved 24 September 2016.
  8. "Comunicato Stampa – Milan: Fininvest firma preliminare di vendita con cordata cinese" [Press Release – Milan: Fininvest signs preliminary selling agreement with Chinese group of investors](PDF) (in Italian). Fininvest. 5 August 2016. Retrieved 9 August 2016.
  9. "Fininvest sale al 53,3% del capitale Mondadori" (PDF). Fininvest. 15 February 2017. Retrieved 3 March 2017.
  10. "Mediaset: Fininvest sale a quasi il 40% dei diritti di voto" (PDF) (in Italian). Fininvest. 13 December 2016. Retrieved 24 December 2016.
  11. "Accordo per la partecipazione al capitale di Mediobanca" (in Italian). Mediobanca. 5 July 2016. Archived from the original on 1 October 2016. Retrieved 27 September 2016.