Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Italy court rejects Vivendi request to suspend Mediaset's stake freeze

Published 22/07/2020, 12:24
© Reuters. A woman walks pass by a sign of Vivendi at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris
TLIT
-
VIV
-
MFEB
-

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.

© Reuters. A woman walks pass by a sign of Vivendi at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris

Latest comments

Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.