Mediaset shareholders approve changes to pan-European MFE project

News Video Italy 13 JAN 2020
Mediaset shareholders approve changes to pan-European MFE project
The shareholders of Italian broadcaster Mediaset have approved a number of changes to the by-laws of its Netherlands-based holding company Media for Europe (MFE) in the face of opposition from second-largest investor Vivendi. The French media giant was unable to block the approval of the numerous proposals after the Simon Fiduciaria trust that holds 19.2 percent of its 28.8 percent stake was barred from voting at the meeting. In a statement, Mediaset said “it is clear that the MFE Project is essential for the future of the Mediaset group, as well as for all its shareholders and stakeholders, who would suffer serious damage if it were not carried out.”

However, Vivendi remains strongly opposed to the plans and has requested a suspension of the corporate overhaul, with a new hearing on the case set to take place on 21 January. "The new plan ... has merely removed some blatantly abusive clauses, without modifying the disproportionate rights granted to Fininvest [the investment vehicle of the Berlusconi family]," said the French company.

Reuters reported that Mediaset faces a March deadline to see its Dutch holding company plan through, by which time the decisions of the September shareholder meeting that approved the project will no longer be valid based on existing Dutch laws. "If the courts rule in our favour, we can do it," Mediaset CEO Pier Silvio Berlusconi told reporters after the meeting when asked if the company was confident of completing the plan in time.

Categories:

Video

Companies:

Mediaset,  Vivendi

Countries:

Italy

Tags:

Shareholders & subsidiaries, Broadcast, Corporate strategy

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