Vivendi Sends Letter to Mediaset on Merger Plan

Vivendi SA sent a letter to Mediaset SpA Friday with proposals for the creation of a pan-European media holding company, Italian daily MF-Milano Finanza has learned.

The letter from the French media group proposes governance changes without penalizing minority shareholders as well as openness to an industrial partnership.

The letter was sent just one day after a Madrid court accepted a legal request filed by Vivendi to suspend Mediaset's planned merger of its Italian and Spanish operations--Mediaset Espana Comunicacion SA--to create a pan-European media holding company called MediaForEurope.

Vivendi has long been opposed the plan as it believes the merger "disregards basic shareholders' rights."

Both Mediaset and Vivendi declined to comment when approached by Dow Jones Newswires.

Mediaset shares closed 9.1% higher at EUR1.62.

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.

(END) Dow Jones Newswires

August 04, 2020 12:03 ET (16:03 GMT)

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