Mediaset, Vivendi Court Hearing Postponed to Feb. 1
January 21 2020 - 12:56PM
Dow Jones News
By Francesca Chiarano and Mauro Orru
A judge at the Court of Milan has postponed a hearing regarding
a merger-related dispute between Mediaset SpA (MS.MI) and Vivendi
SA (VIV.FR) to Feb. 1.
The Italian broadcasting company wants to merge its Italian and
Spanish operations to create MediaForEurope--a pan-European media
and entertainment holding company--in a plan which received initial
approval at a shareholders' meeting on Sept. 4, 2019.
However, Mediaset and shareholder Vivendi have been at
loggerheads over the plans which the French company challenged in
court, claiming the merger "disregards basic shareholders'
rights."
The postponement of the hearing in Milan comes after the French
company filed an appeal against the resolutions passed at
Mediaset's general meeting on Jan. 10, where shareholders backed
amendments to MediaForEurope's articles of association as well as
the terms and conditions for special voting shares to be issued for
the planned merger.
Mediaset barred Simon Fiduciaria--an asset trust which holds a
19.9% stake in Mediaset on behalf of Vivendi--from exercising its
voting rights at the meeting.
A few days later, Vivendi launched a separate legal proceeding
in the Netherlands seeking an injunction on the planned merger.
A hearing will take place on Feb. 10 at a court in
Amsterdam.
This story was translated in whole or in part from an
Italian-language version initially published by Milano Finanza-DJ,
a partner of Dow Jones & Co.
Write to Francesca Chiarano at francesca.chiarano@mfdowjones.it
and to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
January 21, 2020 12:41 ET (17:41 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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