Vivendi: deplores Mediaset EGM decision
(CercleFinance.com) - Late on Friday Vivendi deplored the "irregular approval by the Mediaset Extraordinary Shareholders Meeting of the new merger plan regarding MediaForEurope.
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"The new plan has only gained approval because of the unlawful refusal to allow Simon Fiduciaria (which holds 19.9% of Mediaset share capital) to vote, relying on an interpretation of the Italian media law which is contrary to the EU Treaty," Vivendi said.
"In addition, the new plan was adopted ignoring Italian law procedures regarding trans-border mergers... and has merely removed some blatantly abusive clauses, without modifying the disproportionate rights granted to Fininvest."
Therefore, Vivendi says that Mediaset's board of directors once again puts the company in a situation of "serious legal uncertainty".
Copyright (c) 2020 CercleFinance.com. All rights reserved.
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"The new plan has only gained approval because of the unlawful refusal to allow Simon Fiduciaria (which holds 19.9% of Mediaset share capital) to vote, relying on an interpretation of the Italian media law which is contrary to the EU Treaty," Vivendi said.
"In addition, the new plan was adopted ignoring Italian law procedures regarding trans-border mergers... and has merely removed some blatantly abusive clauses, without modifying the disproportionate rights granted to Fininvest."
Therefore, Vivendi says that Mediaset's board of directors once again puts the company in a situation of "serious legal uncertainty".
Copyright (c) 2020 CercleFinance.com. All rights reserved.