Vivendi Files Petition to Preserve Its Mediaset Voting Rights -- 2nd Update
August 26 2019 - 5:39AM
Dow Jones News
- Vivendi files a petition to protect its right to vote at
Mediaset
- The French group intends to vote against Mediaset's proposed
merger at next shareholder meeting.
By Olivia Bugault
Vivendi SA (VIV.FR) said Monday that it has filed a petition
with a Milan court to protect its voting rights at the Italian
broadcasting company Mediaset SpA (MS.MI), and that it intends to
vote against Mediaset's proposed merger into Media for Europe NV
(MFE) at the next shareholder meeting.
The French media group said its court request follows Mediaset's
decision to bar Vivendi from voting during the Italian company's
shareholder meeting on April 18, and that the move aims at
preserving Vivendi's right to attend and vote at the next
extraordinary shareholder meeting on Sept. 4.
Vivendi said that, at this meeting, it plans to vote against
Mediaset's plan to merge into Media for Europe NV (MFE) because of
the lack of rights that minority shareholders, including Vivendi,
would have under the new entity. Vivendi would vote with its
Mediaset shares that equal to 9.99% of the voting rights, it
said.
Under Mediaset's merger proposal, the Dutch holding company
Media for Europe NV (MFE) would be a combination of Mediaset and
Mediaset Espana Comunicacion SA (TL5.MC).
Last week, Mediaset filed a complaint against Vivendi with
Italy's market regulator, accusing the French company of acting to
depress its stock price by leaking information with the aim of
hindering the merger plan.
Vivendi owns 28.8% of Mediaset shares but it had to transfer the
part in excess of 10% in a trustee, Simon Fiduciaria SpA, in April
last year.
Write to Olivia Bugault at olivia.bugault@dowjones.com
(END) Dow Jones Newswires
August 26, 2019 05:24 ET (09:24 GMT)
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