Telefonica offers Mediaset 295 mn euros for Canal+ stake

(ANSA) - Rome, June 18 - Telecommunications giant Telefonica has offered the Spanish division of former Italian premier Silvio Berlusconi's Mediaset empire 295 million euros for its 22% stake in the company that owns Spanish pay-TV broadcaster Canal+.
    If the offer is accepted, it would enable Telefonica to gain full control of Spain's top pay-TV operator.
    The offer could rise to 355 million euros if certain conditions are met. Mediaset España would receive 10 million euros more if Telefónica successful completes its acquisition of the 56% held by another company, Prisa.
    It could receive 20 million on top of that depending on how Canal+ performs in the four years after the acquisition of the 56% stake.
    Mediaset would also be entitled to 30 million euros for renouncing its right of first refusal on participation in Prisa.
    The Italian company's share price on the Milan stock exchange rose 2.32% to 3.62 euros after the news of Telefonica's bid.