Vivendi 'Deplores' MediaForEurope Approval at Mediaset EGM
10 Janvier 2020 - 6:44PM
Dow Jones News
By Mauro Orru
Vivendi SA (VIV.FR) said Friday that it "deplores today's
irregular approval" at the Mediaset SpA (MS.MI) general meeting of
a plan to create MediaForEurope, a pan-European media and
entertainment holding company.
Vivendi's comments follow today's EGM where Mediaset barred
Simon Fiduciaria--an asset trust which holds a 19.9% stake in
Mediaset on behalf of Vivendi--from exercising its voting
rights.
"The new plan has only gained approval because of the unlawful
refusal to allow Simon Fiduciaria to vote, relying on an
interpretation of the Italian media law which is contrary to the EU
Treaty," Vivendi said in a statement.
A spokeswoman for Mediaset told Dow Jones that the Italian
company reiterated its position on excluding Simon Fiduciaria from
the meeting.
Mediaset shareholders backed amendments to the articles of
association of MediaForEurope as well as terms and conditions for
special voting shares to be issued for the planned merger.
The plan doesn't modify "the disproportionate rights granted to
Fininvest," the French company said.
Mediaset and Vivendi have been at loggerheads over plans by the
Italian broadcasting company to create MediaForEurope, which
Vivendi challenged in court, arguing the plan "disregards basic
shareholders' rights."
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
January 10, 2020 12:29 ET (17:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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