Berlusconi's Mediaset may slip on immunity ruling-analysts

MILAN Oct 7 (Reuters) - Shares in Mediaset (MS.MI), the broadcaster owned by Italy's prime minister, Silvio Berlusconi, could come under pressure, analysts said, after a ruling by Italy's top court that could reopen trials against him.

The Constitutional Court ruled on Wednesday that a law granting Berlusconi immunity from prosecution violates the constitution and the principle that all citizens are equal before the law. [ID:nL7614924]

"There could be (pressure) on Mediaset. It's a move that opens quite difficult scenarios at the political level. Mediaset is very sensitive to politics and regulation," an analyst at a Milan brokerage said, asking not to be named.

Mediaset is Italy's largest private broadcaster with three of the country's free-to-air channels while state broadcaster RAI operates another three.

In the highest-profile of the cases against Berlusconi which were suspended under the immunity law he was charged with paying British lawyer David Mills $600,000 in 1997 from alleged secret funds held by Mediaset to withhold details of his business dealings.

Another case involves the acquisition of TV rights by Mediaset. In this case Berlusconi is accused of tax fraud and false accounting. [ID:nL7725581]

An analyst at an international brokerage said that although he did not expect Berlusconi to resign after the ruling he did not rule out "uncertainty and market volatility".

He said he expected weakness for companies owned by Berlusconi and for the entire Italian share market .FTITLMS.

Fininvest [FIN.UL], the holding company of Berlusconi, is not itself quoted but has controlling stakes in Mediaset and magazines and newspaper publisher Mondadori (MOED.MI). It also has a key stake in asset manager Mediolanum (MED.MI) and owns soccer club AC Milan.

Before the ruling analysts had already said they expected Mediaset's acquisition plans in Spain to be put on hold after a court ruled that Fininvest must pay 750 million euros in damages to a business rival over a 1990s takeover battle. [ID:nL6317349]

Before Wednesday's ruling was announced, Mediaset shares had closed down 0.74 percent at 4.70 euros while Mondadori ended down 1.32 percent at 3.55 euros and Mediolanum was up 0.89 percent at 4.81 euros. (Reporting by Danilo Masoni; Editing by Greg Mahlich)