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Vivendi slams Mediaset's Dutch holding company plan

Thursday 11 July 2019 | 09:31 CET | News
French media giant Vivendi has strongly criticised a move by Italian broadcaster Mediaset to create a new Netherlands-based TV company as part of a plan to set up a pan-European alliance. In its first comment regarding the plan Mediaset announced last month, Vivendi said the price offered to shareholders who wished to exercise their withdrawal rights was too low and that the plan damaged the interests of minority investors. “Vivendi denounces Mediaset’s real goal ... which is to sidestep the fundamental principles of shareholder democracy,” said the company, according to Reuters.

Vivendi, which currently owns 28.8 percent of Mediaset, recently called for an extraordinary shareholders’ meeting to revoke a recently adopted loyalty share scheme, under which Mediaset investors will have two voting rights for each share held for at least 24 straight months. Vivendi and the Simon Fiduciaria trust into which it transferred 19 percent of its stake were both excluded from voting at Mediaset’s 18 April meeting, which is why it believes the decisions adopted at that meeting, including the new voting system, are invalid.

A similar system is being introduced in the Netherlands-based MediaforEurope (MFE) holding company Mediaset is setting up to house the assets of both the Italian media group and those of its Madrid-listed unit, Mediaset Espana, with the Dutch holding company carrying out a reverse takeover of both. Vivendi could be excluded from voting at September’s shareholder meetings to approve the new holding company, according to another recent report.



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Categories: Broadcast & Satellite
Companies: Mediaset / Vivendi
Countries: Italy / Netherlands
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