, Columnist
Berlusconi Snags a Billionaire Bedfellow
Bollore's Italian tie-up prompts governance concerns
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Vivendi Chairman Vincent Bollore has cemented a pact with Italy's Berlusconi family with a share swap to buy their Mediaset Premium pay-TV unit.
While Vivendi's rationale for the deal makes sense at first blush, the alliance further blurs the line between Bollore's personal interests in Italy -- he owns stakes in Mediobanca and insurer Generali --- and those of Vivendi. It also raises governance concerns at Telecom Italia, where Vivendi has spent more than 3 billion euros ($3.2 billion) to become the biggest shareholder, wielding effective control.