Reuters | Aug 22, 2019 14:46
MILAN (Reuters) - Mediaset (MI:MS) has filed a complaint with Italy's market watchdog, accusing shareholder Vivendi (PA:VIV) of leaking information with a view to scuppering its corporate restructuring plans, the Italian broadcaster said on Thursday.
Vivendi declined to comment.
Mediaset in June announced plans to place its Italian and Spanish businesses under a Dutch holding company to pursue a pan-European growth strategy.
Vivendi has criticised Mediaset's restructuring plans, which includes strengthening a loyalty share scheme, saying they hurt the interests of minority investors.
It has the power to derail those plans and could exercise withdrawal rights over its 29% stake in Mediaset, forcing the Italian firm to spend more than the 180 million euros (£164 million) it has set aside for shareholders who want to liquidate their holdings.
Mediaset in a statement on Thursday said Vivendi sought to lower the price of Mediaset share prices to make it more appealing for investors to exercise withdrawal rights at the set price of 2.77 euros.
Despite Vivendi's criticisms of the Mediaset loyalty scheme, the French firm has asked that its shares be included in it, a source with direct knowledge of the matter said. It was unclear why it had done this. Vivendi declined to comment on the issue.
Mediaset shares fell as much as 2.7% on Wednesday, to 2.87 euros, after media reports that Vivendi wanted to block the deal. Vivendi did not comment on the reports.
On Thursday, Mediaset shares were up 0.9% to 2.96 euros as of 1223 GMT, slightly outperforming the Milan market (FTITLMS).
The Milan-based group called on Italy's market regulator Consob to demand Vivendi makes a public statement clarifying its position on the deal ahead of a Sept. 4 shareholder meeting called to approve it.
It was not possible to reach Consob for a comment.
Mediaset, controlled by the family of former Italian Prime Minister Silvio Berlusconi, and Vivendi fell out in 2016 over a collapsed pay-TV deal.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.