A Dutch court has rejected a request by Vivendi to suspend Mediaset’s proposed pan-European television project, confirmed both companies in separate statements. The Italian broadcaster is planning to merge its Italian and Spanish units into a Netherlands-based entity called MediaForEurope (MFE) but Vivendi has challenged the reorganisation in Dutch, Spanish and Italian courts on the grounds that it’s designed to favour the broadcaster’s biggest shareholder, the Fininvest investment vehicle of the Berlusconi family.
Vivendi immediately announced that it would appeal against the ruling because “if Mediaset’s plan goes ahead, it would cause disproportionate damage to all minority shareholders”. The French media giant added that the recent decision of a Spanish court of appeal means the merger will remain suspended until a decision on the merits is taken later this summer.
Mediaset, however, said “MFE is confirmed and will proceed” as a result of decisions by Italian and Dutch judges, the latter ruling that "the majority voting system is compliant with Dutch law, as is the entire merger plan."
