In the eight-billion-dollar deal for the complete takeover of formula 1 by the American media group Liberty Media, a new shimmering personality emerges.
As pitpass.com reports, US billionaire Warren Buffett can significantly influence Buffett with his voice, whether Liberty will take full control of the royal class of motor sports next year as planned. The media group of John Malone has already acquired 18,7 percent of the shares from the previous control owner CVC Capital Partners in a first step.
2017 is to complete the takeover of the Formula One roof company Delta Topco. In addition to CVC, other Formula One owners would sell. But the business is far from dry. As reported, competition authorities in the UK and Austria are already examining the legality of the planned mega deal. The World Motor Association FIA must also agree, Although he has only a minority stake of one percent in formula 1.
rank three on the Forbes list
A final “yes” for the complete takeover also needs it from the shareholders of Liberty Media and here comes a multi-billionaire buffet. The legendary investor still ranks the Forbes list of the richest people in the world in the year 2016 in the rank of three, with an estimated wealth of 60,8 billion dollars (57,2 billion euro). As “pitpass.com” reports, Buffett and his investment company Berkshire Hathaway owns eight percent of Liberty Media.
Thus, the 86-year-old is the only external shareholder with more than five percent of the media ring. More importantly, Buffet holds 4.6 per cent of the company’s voting rights. Liberty boss John Malone (75), estimated on a fortune of six,5 billion US dollars (5,7 billion euro), comes along with his co-chairmen at 49,4 percent of the voting rights. Malone therefore needs Buffett’s approval if the full takeover of the royal class is to go on the stage next year.
Further deals are still on the table
The legendary big investor is considered to be one of the most outstanding figures in the financial world. Berkshire Hathaway owns, among other things, the American insurance giant Geico, the clothing brand Fruit of the Loom and holds shares in The Kraft Heinz Company, American Express, Coca-Cola and IBM and many others. The Berkshire Hathaway share is the most expensive stock to buy on the stock exchange in the world.
Regardless of its approval, further questions are raised about the Liberty deal, which is currently being scrutinised by various competition authorities. From business circles it was last known that the managers of the Media Committee had given themselves a deadline until 30June 2017. Until then, the takeover of formula 1 must be almost complete, otherwise the project will collapse and Liberty will only keep the minority shares acquired so far.