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Mediaset hits Vivendi with Consob complaint

August 23, 2019

By Chris Forrester

Mediaset has filed a formal complaint with Italy’s market watchdog Consob accusing shareholder Vivendi of leaking information with a view to disrupting its corporate restructuring plans, according to a Reuters report.

A note to clients from investment bankers Deutsche Bank said: “Mediaset has asked Consob to demand Vivendi makes a public statement clarifying its position on the deal ahead of its 4th Sept EGM called to approve MediaForEurope (MFE) merger. Vivendi has criticised Mediaset’s restructuring plans, which includes strengthening a loyalty share scheme, saying they hurt the interests of minority investors. The Italian news report Milano Finanza has earlier said that the market is working on a possibility that Vivendi will not exercise the right of withdrawal for MFE; this action by Mediaset looks to be an attempt to stymie that risk.”

Vivendi owns 28.8 per cent stake in Mediaset Group. Vivendi has 9.6 per cent direct share and another 19.2 per cent shares are held through a blind trust, Simon Fiduciaria.

“Vivendi can vote in Mediaset EGM with its direct 9.6 per cent stake. But blind Trust Simon Fiduciaria can’t participate in EGM (i.e. they cannot enter / vote). Mediaset requires a two-thirds majority to approve the deal. The group has set aside €180 million to buy out dissenting shareholders of Mediaset and Mediaset Espana,” said the bank’s note.

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