Merger between Rai Way and Ei Towers, the government is aiming for the telecommunications giant

Merger between Rai Way and Ei Towers, the government is aiming for the telecommunications giant
Merger between Rai Way and Ei Towers, the government is aiming for the telecommunications giant

The marriage between the antennas of Rai Way and those of Hey Towers we have to do it: the government is pushing for the creation of a national giant of radio and television infrastructure. The creature that would see the light would involve public and private collaboration and would bring an unprecedented understanding between Rai And Mediasetgiven the corporate composition of Ei Towers (60% F2i, 40% Mfe-Mediaset).

Giorgia Meloni’s Prime Ministerial Decree

A new one has been stamped Prime Ministerial Decree signed by the hand of Prime Minister Giorgia Meloni and bearing the signatures of Alfredo Mantovano (undersecretary of the Presidency of the Council), Giancarlo Giorgetti (Economy) and Adolfo Urso (Business and Made in Italy).

The current structure

Currently the Rai holds the 64.97% Of Rai Way. The new Melonian Prime Ministerial Decree modifies the previous one issued in 2022 by the then Prime Minister Mario Draghi, who had authorized Rai to drop below 51% of Rai Way. Now Rai is authorized to go down to 30%. For the purposes of choosing the disposal methods, as the government explains, “priority is given to those” operations that are functional to ensuring aggregation between entities in the same sector.

The natural indication is that of merger with Ei Towers, in order to create a TLC giant in which the main public TV and the main private TV will go hand in hand. “Any transfer operations of minority shares” by Viale Mazzini “can only take place if consistent and compatible” with the consolidation of the sector. Rai has decided to sell 15% of Rai Way to finance its industrial plan.

What future

But Rai will have to maintain “a stake” in the post-merger company “such as to allow the definition of management and governance agreements suitable for guaranteeing the best safety and quality standards for the dissemination of public service broadcasting content”. And it will also have to keep Rai Way on the stock exchange “in order to guarantee the maximum diffusion of the shareholder base”.

The birth of a national super entity of telecommunications towers had also been hoped for several times by Pier Silvio Berlusconi, CEO of Mfe.

The news pushed the markets to reward Rai Way, which saw its share stock grow on the stock market since extraordinary dividends are expected after the merger.

Some are already working on the merger advisor in order to level the ground, but for the plan to materialize we need to wait: we need a Rai board of directors at the height of his powers, while the current one is expiring. The renewal of Rai top management will arrive after the European elections.

From what has transpired, in addition to the special dividend that Rai Way will have to distribute to the shareholders (and therefore also to Rai), the private shareholders of Ei Towers will want a role and veto powers.

According to estimates, the merger would generate a cost management benefit of up to 400 million euros.

 
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