Mediaset, Mediaset Espana Shareholders Approve Merger Plan
04 September 2019 - 4:55PM
Dow Jones News
By Pietro Lombardi
The shareholders of Mediaset SpA (MS.MI) and Mediaset Espana
Comunicacion SA (TL5.MC) have approved plans to merge the two media
companies to create a new Dutch holding, despite the opposition of
shareholder Vivendi SA (VIV.FR).
The Dutch holding will be called MFE - MEDIAFOREUROPE NV, the
Italian media company said Wednesday.
French media group Vivendi voted against the plan at the
shareholders' meetings of both Mediaset and Mediaset Espana, a
spokeswoman for the French company said.
The French company holds 9.99% of the Italian broadcasting
company's voting rights after taking into account the transfer of
some of its shares to Simon Fiduciaria, an asset trust.
Vivendi has also bought roughly 3.3 million shares in the
Spanish company, building a stake of more than 1%, the spokeswoman
said. Mediaset has a stake of more than 50% in Mediaset Espana.
"Vivendi deplores today's approval of a resolution regarding
Mediaset's proposed merger into MEDIAFOREUROPE at the Mediaset
extraordinary shareholders' meeting," it said.
Earlier Wednesday, Mediaset had said that its board decided not
to oppose Vivendi's request to take part in Wednesday's
extraordinary shareholders' meeting but prevented Simon Fiduciaria
from voting. Vivendi said it disagrees with the latter decision,
calling the exclusion of Simon Fiduciaria unlawful.
"The merger itself would result in a total and immediate
annihilation of minority shareholder rights, without the payment of
any premium to them," it said.
Mediaset's decisions expose the company to "severe legal
uncertainty," it said.
"Vivendi will use every legal recourse at its disposal in all
relevant jurisdictions to challenge the proposed MEDIAFOREUROPE
structure, both under national and European laws," it said.
Olivia Bugault contributed to this story.
This story was translated in whole or in part from a
​Spanish-language version initially published by EFE Dow Jones, a
partner of Dow Jones & Co.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
September 04, 2019 11:40 ET (15:40 GMT)
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