Vivendi 'Deplores' MediaForEurope Approval at Mediaset EGM

   By Mauro Orru 
 

Vivendi SA (VIV.FR) said Friday that it "deplores today's irregular approval" at the Mediaset SpA (MS.MI) general meeting of a plan to create MediaForEurope, a pan-European media and entertainment holding company.

Vivendi's comments follow today's EGM where Mediaset barred Simon Fiduciaria--an asset trust which holds a 19.9% stake in Mediaset on behalf of Vivendi--from exercising its voting rights.

"The new plan has only gained approval because of the unlawful refusal to allow Simon Fiduciaria to vote, relying on an interpretation of the Italian media law which is contrary to the EU Treaty," Vivendi said in a statement.

A spokeswoman for Mediaset told Dow Jones that the Italian company reiterated its position on excluding Simon Fiduciaria from the meeting.

Mediaset shareholders backed amendments to the articles of association of MediaForEurope as well as terms and conditions for special voting shares to be issued for the planned merger.

The plan doesn't modify "the disproportionate rights granted to Fininvest," the French company said.

Mediaset and Vivendi have been at loggerheads over plans by the Italian broadcasting company to create MediaForEurope, which Vivendi challenged in court, arguing the plan "disregards basic shareholders' rights."

Write to Mauro Orru at [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

January 10, 2020 12:29 ET (17:29 GMT)

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