By Mauro Orru 
 

A court in Milan on Monday rejected Vivendi SA (VIV.FR) and asset trust Simon Fiduciaria's requests to suspend the creation of MediaForEurope, Mediaset's SpA (MS.MI) planned pan-European media and entertainment holding company, but Vivendi said it will appeal the decision.

The French media conglomerate said it will continue to protest against the merger plan in European courts as a hearing is scheduled in Amsterdam on Feb. 10.

"The court, taking a decision in summary proceedings, limited itself to evaluating the consequences of a suspension of the merger process for both parties and concluded that the prejudice for Vivendi would not be irreparable to the extent that it could claim for damages," Vivendi said.

Mediaset wants to merge its Italian and Spanish operations to create a Dutch subsidiary, a plan which Mediaset shareholder Vivendi opposes as it believes the merger "disregards basic shareholders' rights."

Mediaset shareholders initially approved plans at a shareholders' meeting on Sept. 4, 2019, and 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 at an extraordinary general meeting on Jan. 10, 2020.

Mediaset barred Simon Fiduciaria--an asset trust which holds a 19.9% stake in Mediaset on behalf of Vivendi--from exercising its voting rights at the meeting in January, after which Vivendi launched a legal proceeding in the Netherlands seeking an injunction on the planned merger.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

February 03, 2020 11:57 ET (16:57 GMT)

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