Berlusconi’s Oldest Heirs to Control Family Holding Fininvest

(Bloomberg) -- Silvio Berlusconi’s eldest daughter and son tightened their grip over the family’s business empire, as they were placed in control of the Fininvest SpA holding that controls a range of companies founded by the ex-Italian premier who died last month, according to people familiar with the matter.

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Marina and Pier Silvio Berlusconi were ceded an additional 20% of Fininvest under the terms of their father’s will, the people said. The decision was previously reported by Ansa news agency.

Fininvest’s controlling stakes include MFE-MediaForEurope N.V., the country’s biggest commercial broadcaster and Arnoldo Mondadori Editore SpA, its largest publisher. The holding also has a minority stake in financial services provider Banca Mediolanum SpA.

Marina, who is chairman of Fininvest, and Pier Silvio, who runs MFE, will now control about 53% of Fininvest.

Fininvest said in a statement Thursday that “no shareholder will exercise overall individual indirect control” of the holding.

Silvio Berlusconi also owned several villas and other prestigious real estate across Milan, Rome and Sardinia as well as valuable paintings and jewels. His personal fortune was worth about €7 billion ($7.6 billion).

Berlusconi’s political legacy has yet to be clarified. At the time of his death Berlusconi was in charge of the center-right Forza Italia party which he founded in 1994. The group has been temporarily handed over to his deputy, Foreign Minister Antonio Tajani. The process to pick a successor could kick off in coming weeks.

It’s unlikely that Berlusconi’s heirs will play a direct role in politics, but the businesses he leaves behind are stronger than his political grouping. After dominating the political landscape for years, Forza Italia has shrunk to become the smallest partner in the coalition led by Prime Minister Giorgia Meloni of the far-right Brothers of Italy.

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