Mediaset stock drops as Fininvest sells tranche of shares

Italian commercial broadcaster Mediaset’s shares dropped sharply in value at the end of last week on news that Silvio Berlusconi’s Fininvest holding vehicle had sold a 7.79% stake in the operation, taking Fininvest’s interest down to 33.4%.

Mediaset’s shares were trading this morning at around €3.86-3.88 after suffering a further fall, taking the stock below its IPO level of €4.10.

Fininvest realised about €377.2 million on the surprise sale, taking its stake down from 41.29% to 33.4%. The transaction was managed by Merrill Lynch Intnernational and UniCredit Bank of Milan.

The sale comes 10 years after Berlusconi sold a 17% stake in the company for about €2 billion.