It is a clash between Mediaset and the shareholder Vivendi, which holds 9,16% of the capital and to which the Italian company did not allow participation in the vote at today's meeting. The same decision was taken against Simon Fiduciaria, to which the French TLC conferred 19,19% of the capital of Mediaset and which had already been formally excluded, subsequently presenting a complaint rejected by the Court of Milan. "It cannot be ignored that the substantial ownership of the shares remained with Vivendi", said the judge after the French media giant had transferred part of the capital to Simon to comply with Agcom's provisions.
Vivendi's reaction lasts, which “condemns today's decision by Mediaset's board of directors to deny it the right to vote in the shareholders' meeting. The decision of Mediaset's board of directors is contrary to all the fundamental principles of shareholder democracy. It is illegal and against the interests of Mediaset and, in particular, of its minority shareholders. We reserve the right to contest the validity of the resolutions adopted today in court".
“Not even the disputed agreement of April 8, 2016, nor the Agcom decision of April 2017 or any other applicable law prevents Vivendi from being able to vote,” Vivendi continued in a statement. Mediaset's Board of Directors has a different opinion, which did not even allow Simon to participate in the meeting, not opposing Vivendi's access to the meeting, without prejudice to its opposition to the exercise of voting rights.
"The Board - wrote the Board of Directors -, having evaluated the legal opinions issued by its consultants and the rulings of the Court of Milan, considered that Vivendi has purchased, and holds, the equity investment in Mediaset in violation of the obligations undertaken with the contract of 8 April 2016 concerning, inter alia, the sale of Mediaset Premium, as ascertained by AGCom. Therefore, the board believes that the shareholder Vivendi and his trustee Simon are not entitled to exercise administrative rights (including the right to vote)”.
The comment from the top management of the Alfa Romeo was very harsh. "Bollorè is the neighbor that no one wants", Marina Berlusconi cut short, while Fedele Confalonieri explained, opening the meeting that "the Vivendi affair was a gigantic waste of time and money that will be resolved in court. A negative example of a botched campaign for a hostile takeover of a company. A dispute – concluded Confalonieri – born from a violation of our good law, which has inflicted great damage on us by blocking a part of our capital”.
While the shareholders' meeting is underway and the resolutions on the agenda are being voted on, the Stock Exchange applauds the position taken by Mediaset, whose stock after noon earn more than 2%, approaching 2,9 euros per share, in contrast above all with the performance of the Ftse Mib, which travels in slightly negative territory.
