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 favoring Fininvest (Mediaset’s controlling shareholder), without even recognizing a premium to minorities,” Vivendi said in a statement.
The French media giant said it would challenge in court Mediaset’s plan to reorganize its businesses.
Reporting by Mathieu Rosemain; editing by Jason Neely