The holding company founded by the late Italian entrepreneur Silvio Berlusconi confirmed his eldest daughter as chairman, a move that signals continuity less than a month after the billionaire’s death.
(Bloomberg) — The holding company founded by the late Italian entrepreneur Silvio Berlusconi confirmed his eldest daughter as chairman, a move that signals continuity less than a month after the billionaire’s death.
Fininvest SpA’s shareholders voted to reappoint the veteran executive Marina Berlusconi, 56, at the helm of the company in a meeting on Thursday, the first after the former Italian premier passed away earlier this month, according to a company’s spokesman. They also approved the payment of a €100 million ($109 million) dividend and confirmed Danilo Pellegrino as chief executive officer, the spokesman said.
Investors are closely scrutinizing developments in the holding company’s corporate structure before Silvio Berlusconi’s wills are unveiled in the coming weeks. The tycoon had a 61% stake in the company, with each of his five children owning minority stakes.
READ MORE: Berlusconi’s Death Puts Italy’s Future in the Hands of Two Women
Fininvest controls Italy’s main commercial broadcaster MFE-MediaForEurope NV, one of the country’s largest publishing groups Arnoldo Mondadori Editore SpA and football club AC Monza. It also has a 30% stake in Banca Mediolanum SpA.
Last year, Fininvest reported consolidated revenue for about €3.8 billion, while net profits declined about 40% to €200 million “partly due to the absence of the positive non-recurring items booked in the previous year,” the company said.
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