PPF secures 18.4% in ProSieben as competitive bidding comes to a head

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Czech investment company PPF (PPFGP.UL) said on Monday it had secured 18.4% of shares in ProSiebenSat.1 XETR:PSM through its tender offer, posing a challenge for rival bidder MediaForEurope (MFE), who earlier secured a 43.6% stake in the German media group.MFE, owned by the family of late Italian Prime Minister Silvio Berlusconi, had made a bid for all remaining shares in ProSieben, while PPF had targeted a doubling of its stake in the German group to 29.99%.

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