Berlusconi leaves control of the business empire to two older sons

MILAN, July 6 (Reuters) – Silvio Berlusconi’s eldest children, Marina and Pier Silvio, will jointly control the business empire founded by the former prime minister, according to the terms of his will that was made public on Thursday.

Marina and Pier Silvio Berlusconi, who already have executive functions in parts of the businesswill jointly participate in equal parts amounting to around 53% in the Fininvest family holding company.

Marina, 56, chairs Fininvest, while Pier Silvio, 54, has been in charge of MFE-MediaForEurope. (MFEB.MI) Television business founded by his father. Fininvest also owns Serie A Italian football club AC Monza and a stake in asset manager Banca Mediolanum (BMED.MI).

Forbes estimated that the general patrimony of the Berlusconi familywhich include luxury properties in Milan, Rome and Sardinia, were worth about $6.8 billion.

Brash, brash and four-time prime minister, Berlusconi was a media mogul and political showman whose financial and sex scandals made him the most polarizing figure in modern Italy. he died on June 12 at the age of 86.

Marina and Pier Silvio worked closely together as their father’s health waned. Barbara, Eleonora and Luigi Berlusconi, his three children from his second marriage, have been less involved in the family business.

A statement on behalf of the five children said: “No shareholder will exercise global individual indirect control of Fininvest SpA, previously exercised by their father.”

Berlusconi made his decision to inherit Fininvest in 2006, a copy of the will seen by Reuters showed. He signed his legacy with the handwritten words: “Thank you, much love to you all, your father.”

MFE’s B shares on the Milan stock exchange fell after the will was made public. Speculation had risen that the family might sell its stake, but MFE chief executive Pier Silvio Berlusconi said this week that there had never been any talk of a sale.

“There appears to be a move towards continuity in MFE’s management, which reduces the speculative appeal of the stock,” Equita analysts wrote in a note.

100 MILLION EUROS FOR THE ‘WOMAN’ MARTA

Berlusconi left 100 million euros ($109 million) each to Marta Fascina, his partner at the time of his death, and his younger brother Paolo, according to the copy of the will.

He also left €30 million to Marcello Dell’Utri, a long-time business partner and close friend who was convicted of mafia collusion in 2014.

Dell’Utri, Berlusconi’s friend from the University of Milan, said he was moved to tears by the legacy.

Berlusconi was not legally married to Fascina, who is 33, although on his deathbed he would call her his wife.

The will was in an unsealed envelope and dated January 19, 2022, coinciding with one of the occasions when Berlusconi was admitted to Milan’s San Raffaele hospital for treatment.

Berlusconi, who founded a business empire based on real estate and then television, died in Milan. He was suffering from leukemia and had recently contracted a lung infection.

He had remained active in politics as the leader of his Forza Italia party, which is a component of Prime Minister Giorgia Meloni’s coalition.

Under Italian law, the deceased’s heirs inherit two-thirds of their wealth equally, while the person making the will can distribute the remaining third as they wish.

Berlusconi largely ceded the portion of his estate over which he had control to Pier Silvio and Marina, meaning they ended up with 60% of his assets, while the three younger children shared 40%.

($1 = 0.9203 euros)

Additional reporting by Giulio Piovaccari, writing by Federico Maccioni and Keith Weir, editing by Alvise Armellini and Mark Potter

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