Ammon News -

Silvio Berlusconi, the billionaire media mogul and former Italian prime minister who transformed the nation's politics with polarising policies and often alarmed his allies with his brazen remarks, died on Monday aged 86.

Berlusconi, Italy's longest-serving premier who counted Russian President Vladimir Putin as a friend and gained notoriety for his "bunga bunga" sex parties, had suffered from leukaemia and recently developed a lung infection.

He died at Milan's San Raffaele hospital, where he had been since Friday, at around 0730 GMT. Four of his five children and his brother Paolo had been at his bedside, ANSA reported shortly before his death was announced.

Berlusconi's Forza Italia party is part of Prime Minister Giorgia Meloni's right-wing coalition, and although he himself did not have a role in government, his death is likely to destabilise Italian politics in the coming months.

His business empire also faces an uncertain future. He never publicly indicated who would take full charge of his MFE (MFEB.MI) company following his death, even though his eldest daughter Marina is expected to play a prominent role.

His passing was mourned by allies and rivals alike.

"We fought, won, lost many battles with him, and also for him we will bring home the goals that we had jointly set ourselves. Farewell Silvio," Italian Prime Minister Giorgia Meloni said.

Enrico Letta, a former center-left premier, wrote on Twitter: "Berlusconi made the history of our country. His death marks one of those moments in which everyone, whether or not they backed his choices, feel affected."

Shares in MFE's A- and B-shares jumped by as much as 10% after Berlusconi's death was reported, with traders on the Milan bourse saying it could pave the way for the company to be sold or merged with a rival.

After building a television empire in the 1980s, Berlusconi threw himself into politics in 1994 and almost immediately became prime minister. He held the post four times - 1994-5, 2001-5, 2005-6 and 2008-11 - despite multiple legal scandals.

Reuters