October 26, 2018 / 5:58 PM / 18 days ago

Trust holding Vivendi's Mediaset shares launches legal challenge against AGM decisions

MILAN (Reuters) - The trust that holds part of Vivendi’s stake in Mediaset has launched a legal challenge linked to the Italian broadcaster’s decision to prevent it from voting at a June 27, 2018 shareholder meeting, Mediaset said on Friday.

In April, Vivendi transferred 19.19 percent of its total shareholding in Mediaset to a trust called Simon Fiduciaria after Italy’s communications watchdog told the French media group to cut its stake in either Telecom Italia or Mediaset to comply with antitrust regulations.

Mediaset closed the doors of its June AGM to the trust, preventing it from voting.

The trust is now asking that two of the decisions taken at the AGM - one related to the establishment of an incentive and retention plan, and another to stock options - be annulled and that Simon Fiduciaria be given the right to fully exercise its voting rights.

Reporting by Agnieszka Flak

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