Italy court rejects Vivendi request to suspend Mediaset's stake freeze
Reuters
Published Jul 22, 2020 12:24
MILAN (Reuters) - An Italian administrative court has rejected a request by France's Vivendi (PA:VIV) to suspend a ruling which forces it to freeze two-thirds of its stake in Italian broadcaster Mediaset (MI:MS), a court document showed on Wednesday.
Vivendi, which owns 23.9% of phone incumbent Telecom Italia (MI:TLIT), has been at loggerheads with Mediaset since pulling out of a deal to buy its pay-TV unit in 2016 and then building a hostile 28.8% stake.
In 2017 Italy'communication watchdog said Vivendi's holdings in Mediaset and Telecom Italia (MI:TLIT) broke competition rules and ordered it to cut one of the stakes to below 10%.
To comply, Vivendi transferred two-thirds of its stake in Mediaset to a trust, which was subsequently barred from voting at the Italian broadcaster's shareholder meetings.
Vivendi asked the court to suspend the ruling, saying the market situation has changed.
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Written By: Reuters
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