Prosieben CEO stands by company strategy amid investor clash
May 28 (Reuters) - Prosiebensat.1 (PSMGn.DE), opens new tab CEO Bert Habets defended the German media company's renewed focus on its entertainment segment in a speech to the company's investors on Wednesday.
"I am confident that we are on the right track to achieving our goal: becoming the number one entertainment player in the German-speaking region," Habets said.
He added that after the divestiture of online comparison platform Verivox, the company would continue to focus on the sale of well-performing non-core assets, for instance online perfume retailer Flaconi.
The company's annual general meeting comes against the backdrop of a power struggle between the company's two biggest shareholders, Italy's MFE-MediaForEurope (MFEB.MI), opens new tab and Czech investment firm PPF.
Habets did not address the rival takeover offers in his speech.
The boards of ProSieben advised against MFE's bid, calling it "inadequate from a financial perspective".
This stance was repeated by Andreas Wiele, outgoing chairman of the supervisory board, during a speech to the company's investors.
"The supervisory board is the appropriate body to discuss, together with the executive board, the right strategy and new ideas for our company and where decisions should be made - not the public," Wiele said, addressing MFE directly.
The Berlusconi family, which currently holds 30.14% in ProSieben, made a low-ball offer for the company in March, offering 4.48 euros in cash and 0.4 MFE A shares per ProSieben share.
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