September 4, 2019 / 8:34 AM / 3 months ago

Vivendi condemns Mediaset's decision to prevent trust from voting at meeting

PARIS, Sept 4 (Reuters) - France’s Vivendi condemned on Wednesday Mediaset’s refusal to allow its trust to vote at a shareholder meeting to be held by the Italian broadcaster.

Two-thirds of Vivendi’s 29% stake in Mediaset is held by an arms-length trust which has in the past been barred from voting by an Italian court.

That leaves Vivendi with 9.99% direct voting rights.

“Mediaset is disregarding the most basic shareholder rights and principles of corporate governance with the sole objective of favouring Fininvest (Mediaset’s controlling shareholder), without even recognising a premium to minorities,” Vivendi said in a statement.

The French media giant said it would challenge in court Mediaset’s plan to reorganise its businesses. (Reporting by Mathieu Rosemain; editing by Jason Neely)

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