|
Mediaset's <MS.MI> second-biggest shareholder Vivendi <VIV.PA>
challenged the corporate overhaul in court because the French
group sees it as detrimental to minority shareholders.
Pending a decision on Vivendi's lawsuit, the court granted a
precautionary suspension.
"Mediaset Espana strongly disagree with this interim ruling, and
will immediately appeal," the company said, adding it was
confident a higher court would reverse the decision.
"The reasons behind Mediaset Espana's position ... are very
solid and support the legal, economic and managerial rationale
of the accords that have been challenged."
Mediaset's reorganization plan aims at creating a platform to
better pursue pan-European tie-ups to face growing competition
in the industry.
Vivendi has been a hostile Mediaset shareholder since the
tycoons who control them, Vincent Bollore and former Italian
prime minister Silvio Berlusconi, fell out in 2016 over an
aborted pay-TV deal. They have been in a legal war ever since.
By 1030 GMT shares in Mediaset Espana fell 1.4% having extended
losses following the court ruling. Shares in Mediaset were
broadly flat.
Neither Vivendi or Mediaset was immediately available for
comment.
(Reporting by Elvira Pollina in Milan and Jose Elias Rodriguez
in Madrid; Editing by Elaine Hardcastle)
[© 2019 Thomson Reuters. All rights
reserved.] Copyright 2019 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
