BERLIN (Reuters) - A proposal from ProSiebenSat.1 top investor MFE-MediaForEurope to split off the German media group's e-commerce and online dating ventures from its TV operations narrowly failed to get the required shareholder backing on Tuesday.
Some 70.95% of shareholders voted in favour of MFE's proposal, falling short of the 75% threshold required for the motion to pass.
"Although the motion on the spin-off valuation was formally not passed, more than 70% of the shareholders voted for it," a spokesperson for MFE said, adding that MFE expects ProSieben management and the supervisory board to get to work immediately to increase the value of the company.