over 25 stake in mediaset
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

France's Vivendi grabs

Over 25% stake in Mediaset

Arab Today, arab today

Arab Today, arab today Over 25% stake in Mediaset

Vivendi took its 20 percent stake in Mediaset last week
Milan - Arab Today

French media conglomerate Vivendi announced Tuesday it had raised its stake in Mediaset to 25.75 percent from 20 percent, as part of a strategy that has been met with fierce resistance from the Italian TV company.

Vivendi, led by corporate raider Vincent Bollore, said Monday it would boost to up to 30 percent its holding in Mediaset, which is controlled by former Italian prime minister Silvio Berlusconi's family. 

Shares in Mediaset surged 23.3 percent to 4.44 euros at closing in Milan amid an unfolding battle for control of the TV company between Bollore and the Berlusconis.

Vivendi took its 20 percent stake in Mediaset last week in a lightning move which the family -- and the Italian government -- have called "hostile".

Since then it has continued increasing its stake.

"Vivendi owns 25.75 percent of the Mediaset share capital and 26.77 percent of the voting rights as of December 20, 2016," Vivendi said in its statement Tuesday. 

- 'Market manipulation' -

On Monday, Berlusconi's company Fininvest said it had filed a complaint with Italian financial markets watchdog Consob against Vivendi for "market manipulation and abuse of privileged information".

This follows criminal proceedings Fininvest brought last week against Vivendi at a Milan court.

To counter the French company, the Berlusconi family last week bought more shares in Mediaset, raising their stake to 38.3 percent from just under 35 previously.

Vivendi executive board chief Arnaud de Puyfontaine denied that his company's intentions were aggressive.

"This is not an escalation by the French aiming to conquer an Italian crown jewel," he told daily Corriere della Sera in an interview published at the weekend.

But analysts said that relations between Vivendi and Mediaset are clearly unfriendly, after tensions erupted over Vivendi dropping a plan to take over Mediaset's Premium pay-TV channel.

- 'More brutal' -

"A new game is beginning and it's getting more brutal," said one source close to the matter after Vivendi's surprise purchase of its current stake.

Late Monday, Fininvest called Vivendi's announcement part of a "very aggressive strategy".

In a statement Fininvest said that Vivendi's every action confirmed "all the irregularities and serious violations that Fininvest has highlighted".

Fininvest's current legal action would be followed by further criminal, civil and administrative proceedings, it said.

The Italian government wants operations between Vivendi and Mediaset to be "clear", Italian Infrastructure Minister Graziano Delrio said, also on Monday.

"But there is little clarity," he said.

Vivendi's charge on Mediaset is being led by supervisory board chairman Bollore, an experienced corporate raider, who has said he hopes to create a southern European media behemoth. Analysts said this could possibly also involve Telecom Italia in which it has a stake of more than 24 percent.

They said Vivendi may be aiming for a seat on the board of Mediaset to force the Italian company's cooperation, although Vivendi said last week that it was "too early" to talk about a director's seat.

Vivendi's plan to stop short of 30 percent in Mediaset probably means that the French company does not plan a full takeover bid which would, according to stock exchange rules, be triggered automatically once that level is breached, analysts said.

Vivendi spent about 800 million euros ($830 million) on its first 20 percent in Mediaset, and the next 10 percent will cost it about the same due to the sharp rise in the Italian company's share price, analysts said.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

over 25 stake in mediaset over 25 stake in mediaset

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

over 25 stake in mediaset over 25 stake in mediaset

 



GMT 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday