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A court suspends the agreements approved for the merger of Mediaset

2019-10-11T12:55:09.043Z

Judicial reversal of the merger of Mediaset Spain with its Italian parent company to shape a new European holding company that will be called MFE-MediaForEurope. The Commercial Court no.



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Judicial reversal of the merger of Mediaset Spain with its Italian parent company to shape a new European holding company that will be called MFE-MediaForEurope. The Commercial Court number 2 of Madrid has agreed to the precautionary suspension of the social agreements approved at the Extraordinary General Meeting of that operator, held on September 4, 2019. The court thus responds to the lawsuit filed by Vivendi, shareholder of Mediaset that had challenged the aforementioned social agreements. Mediaset Spain, in turn, has announced that it will also challenge, in this case, the judicial resolution.

The French company Vivendi launched legal actions before the shareholders' meetings that served to approve the merger of the audiovisual operator, which includes channels such as Telecinco and Cuatro. On September 4, both Mediaset Italia and its Spanish division got shareholder approval for the merger and the creation of the new MFE conglomerate, through extraordinary meetings in Milan and Madrid.

Vivendi, however, expressed its frontal opposition to the conditions of the merger and the method used to undertake it, as its shareholding presence was diluted and excluded from the board of directors of the new company based in Amsterdam. Under these circumstances, Vivendi challenged the two decisive extraordinary meetings.

The Gallo group maintains a tug of war for Mediaset control with the Berlusconi , a family that Vivendi believes would benefit from this new process: by participating in Mediaset Italia and at the same time in Mediaset Italia, the Berlusconi have been able to have shares special to strengthen its weight in the future holding , while Vivendi, with 28.8% of Mediaset, was diluted to be able to enjoy only 10% of the voting rights.

"Mediaset disagrees deeply"

The meetings not only prevailed the participation of the Berlusconi, but also Vivendi found that his access to the meetings had been veto or. Unable to enter the meetings, he raised his voice and the business conflict was explained as never before. The two companies are engaged in a legal battle fueled during the purchase of the private Mediaset Premium channel.

Before the judicial decision, which paralyzes the merger, a new challenge arises from another side. " Mediaset Spain strongly disagrees with this provisional decision , so it will proceed to challenge it immediately, trusting that it will be revoked by the Provincial Court of Madrid," said the Spanish group: "The reasons underpinning Mediaset's position Spain are, in the opinion of this entity, very solid and support the legal, economic and business reasonableness of the social agreements that have been challenged. "

The Berlusconi companies

In Mediaset, he serves as CEO of Silvio Berlusconi, son of Silvio Berlusconi. Fininvest, in turn, is led by another descendant of former Prime Minister Marina, and that company controls 44.18% of Mediaset, the parent company of Mediaset España. For its part, Vivendi has 28.80% of Mediaset (19.20% of that portion was transferred to the Simon Fiduciary Trust), so that it ranks as the second largest shareholder of the Mediaset group, always behind Fininvest.

51.63% of Mediaset España is held by Mediaset Italia , while the remaining 48.67% is in the market.

According to the criteria of The Trust Project

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