Italian broadcaster Mediaset has filed a lawsuit to force Vivendi to honour its deal to acquire 100 percent of its pay-TV business Mediaset Premium. If Vivendi fails to comply, the Italian group estimates its damages are worth at least EUR 1.5 billion.
Mediaset wants the deal to close by the end of September and is demanding an additional EUR 50 million for each month Vivendi fails to comply. The lawsuit was filed on 19 August at a court in Milan.
Under the terms of the original offer, agreed in April, Mediaset would acquire a 3.5 percent stake in Vivendi in return for the French company taking full ownership of Mediaset Premium, as well as gaining a 3.5 percent stake in the parent group.
Vivendi last month unveiled an alternative project offering 3.5 percent of its shares in return for just 20 percent of the pay-TV business and a 15 percent stake in Mediaset, of which 3.5 percent immediately, with the balance to paid over the coming three years via bonds convertible into Mediaset shares.
Vivendi has said its revised offer followed what it called "significant differences" with Mediaset in their analysis of Mediaset Premium's financial results. Fininvest, the holding company that owns 35 percent of Mediaset, accused the French group of trying to acquire a large stake in the Italian broadcaster by covert means.
