Vivendi to Appeal Milan's Court Decision on Mediaset Merger Plan
03 Febrero 2020 - 11:12AM
Noticias Dow Jones
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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