MILAN (Reuters) -The five children of the late media tycoon Silvio Berlusconi on Monday accepted "in full harmony" their father's will, the former prime minister's heirs said, ensuring a smooth transition for his business empire. In becoming the sole owners of the family's holding company Fininvest, the heirs have committed to a five-year so-called "lock-up" period during which their respective stakes will remain unchanged, a person with knowledge of the matter said. Berlusconi, who died in June aged 86, in his will handed his eldest children, Marina and Pier Silvio, control of the majority of Fininvest, which had assets worth 4.5 billion euros at the end of last year.
Details of how billionaire Italian tycoon Silvio Berlusconi divided up his assets have been made public on Thursday after the will of the former prime minister, who died on June 12, was unsealed. Under Italian law, the deceased's heirs have a right to inherit two-thirds of his wealth in equal parts, while the individual making the will is free to dispose of the remaining one-third how they please. Forbes estimated that Berlusconi and family had assets valued at around $6.8 billion, of which around two thirds were held by holding company Fininvest.
Silvio Berlusconi left control of his media empire to his two eldest children, according to details of his will reported Thursday by Italian media, while bequeathing 100 million euros ($109 million) of his estimated 5 billion-euro ($5.4 billion) fortune each to his companion and his brother. The Fininvest holding company that controls the Mediaset television network, Mondadori publishing house and other assets confirmed in a statement that “no shareholder will exercise overall individual direct control of Fininvest SpA," as Berlusconi himself had. The three-time former Italian premier and media mogul died June 12 at the age of 86 after being hospitalized for treatment of chronic leukemia.
By Reuters Staff
3 Min Read
MILAN (Reuters) - Former Italian Prime Minister Silvio Berlusconi’s family has sold its 2% stake in Mediobanca, in the latest change affecting the shareholder base of Italy’s top investment bank.
FILE PHOTO: A logo of Mediobanca is pictured at Mediobanca headquarters in Milan, Italy, November 12, 2019. REUTERS/Flavio Lo Scalzo/File Photo
The Berlusconi family’s holding company Fininvest said on Monday that the transaction, from which it pocketed 174 million euros ($211 million), was part of a readjustment of its financial investment portfolio.
The ownership of Mediobanca has been in flux since a core of long-term investors in the Milanese bank dissolved, paving the way for eyewear billionaire Leonardo Del Vecchio to emerge as its single biggest shareholder.
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