The meeting convened for 4 September to examine the merger project between Mediaset, Mediaset España and Mediaset Investment NV which should lead to the birth of the MediaforEurope holding.
The clash between the top management of the Biscione and the French giant shows no signs of subsiding and ultimately also involves Simon Fiduciaria, the trust that holds 19,2% of the capital and 19,9% of the voting rights of Vivendi in Mediaset.
IERI (Yesterday) Vivendi filed a complaint with Consob against Mediaset (10 days earlier it was the Cologno Monzese group that had contacted the Supervisory Authority) stating that the press release issued on August 31st by the Biscione on the decision of the Court of Milan to accept the French in tomorrow's meeting "provides inaccurate and misleading information", capable of having an influence on the stock on the Stock Exchange. The title of the press release was as follows: “Mediaset satisfaction: the Mediaset stake acquired by Vivendi and entrusted to Simon Fiduciaria with 19,8% shares will not be able to participate in the meeting of 4 September. This was confirmed today by the Court of Milan".
According to Vivendi "contrary to Mediaset's claims, the Court of Milan cannot have accepted Mediaset's accusations and defenses against Simon Fiduciaria" and that the press release in which the company declared that the Court had supported the decision to exclude Simon Fiduciaria from the assembly "appears to be in contrast with the contents, the parties involved, the effects and the objectives of the ordinance".
“The order completely rejected Mediaset's procedural objections and the very arguments that Mediaset had previously used to deny Vivendi the right to vote at Mediaset's shareholders' meeting on April 18, 2019: for these reasons, it is clearly misleading to speak of 'Mediaset satisfaction'”, adds Vivendi in his exposition.
At this point we wait to understand what will happen during the Mediaset board scheduled for tomorrow morning before the meeting. During the board meeting, the directors will have to decide whether to allow or exclude Simon Fiduciaria from the shareholders' meeting, even if the "victory" of the second option is taken almost for granted, so much so that the trust has already made it known that it "deems it necessary to wait for the new resolution of the Mediaset board relating to the imminent shareholders' meeting of 4 September, reserving the right to the outcome of the same any further steps”, reads the press release from Simon Fiduciaria.
Let's remember instead that the Court of Milan recognized Vivendi's right to participate and vote as a shareholder at the general meeting. The French have already announced their willingness to vote against the proposed merger of Mediaset into MFE, even if they have a calculator in hand, their vote will not determine the outcome of the meeting. Two-thirds of the capital present is needed to pass the resolution and the French group alone will not be able to be decisive with its 9,98%. But if Simon were to vote together with Vivendi, the merger operation would have very little chance of being approved. The battle continues.
