Vivendi set to cap Mediaset voting rights pending appeal: source

Reuters News
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Posted: Jun 06, 2017 11:07 AM

MILAN (Reuters) - France's Vivendi plans to cap its voting rights in Mediaset to comply with an Italian antitrust ruling over its stakes in the broadcaster and Telecom Italia as it prepares to appeal the ruling in court, a source close to the matter said.

Italy's communications authority AGCOM in April said Vivendi had one year to cut its stake in either Telecom Italia or broadcaster Mediaset to comply with Italian antitrust regulations.

The French group, which has to submit a detailed plan of action to the watchdog by June 18, plans to lodge an appeal against the ruling with an Italian administrative court before that date, the source said.

While it waits for the outcome of the appeal, Vivendi will freeze its voting rights in Mediaset to just below 10 percent at a Mediaset shareholder meeting later this month to comply with the demands, the source said.

Vivendi currently holds 29.9 percent of Mediaset's voting rights and a 24 percent stake in Telecom Italia.

Vivendi and Mediaset declined to comment.

(Reporting by Stefano Rebaudo, writing by Silvia Aloisi)