July 10, 2019 / 6:02 PM / 3 months ago

Vivendi criticizes Mediaset's Dutch holding company plan

FILE PHOTO: The Vivendi logo is pictured in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo

MILAN (Reuters) - French media group Vivendi (VIV.PA), an investor in Mediaset (MS.MI), criticized on Wednesday a plan by Italy’s top commercial broadcaster to set up a Dutch holding company to pursue a pan-European growth project.

Mediaset, controlled by the family of former prime minister Silvio Berlusconi, has said a Dutch shell company would carry out a reverse takeover of both Mediaset and Madrid-listed Mediaset Espana (TL5.MC), issuing shares to the owners of both.

In its first comment about the plan unveiled in early June, Vivendi said the price offered to shareholders who wished to exercise their withdrawal rights was too low and that the plan damaged the interests of minority investors.

“Vivendi denounces Mediaset’s real goal ... which is to sidestep the fundamental principles of shareholder democracy,” it said in a statement.

It was not immediately possible to reach Mediaset for a comment.

Reporting by Valentina Za; Editing by Crispian Balmer

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