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.
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