Owning less than 1 per cent of a company does not normally entitle an investor to take control of its destiny but things work differently in Italy. When Vincent Bolloré acquires a tiny minority interest, everything is up for grabs.
Vivendi, in which the French industrialist and investor holds a 14.5 per cent stake, last week took 3.5 per cent of Mediaset, the company founded by Silvio Berlusconi, Italy’s former prime minister. The deal gives Mr Bolloré an indirect interest in Mediaset of 0.5 per cent, together with control of its premium sports and films channel, yet his ascent to power is already being treated in Italy as a fait accompli.
The global media industry is replete with treacherous alliances, bulging pay packages and moguls who dominate companies by holding minority stakes with special voting rights. But Mr Bolloré’s style of corporate governance makes Rupert Murdoch, chairman of 21st Century Fox, look like a saint.