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Mediaset wins another round against Vivendi in front of the judge. Yesterday, the Milan court confirmed Biscione's decision rejecting the request for suspension of the two resolutions of the 27 June shareholders' meeting, questioned by Simon Fiduciaria, a company to which Vivendi contributed up to 19.19% approximately 30%) of Mediaset. The trustee had filed an appeal against the exclusion of the exercise of the right to participate and vote at the company meeting, believing that this election constituted an "abuse of rights". The story was made public with a statement from the same Mediaset on October 26 of last year.
In detail, the trustee has requested the suspension of shareholder resolutions on the proposal to set up a mid-term and long-term incentive and loyalty plan, as well as the authorization of Buy and sell own shares, also for the stock option plan. The court, according to what is read in the order, said that Mediaset's board of directors, in deciding "to paralyze the exercise (of the vote) by Simon Fiduciaria", accomplished a "act within the competence of the council itself".
Soon, on December 4, the first hearing of the case between the two companies will take place. Mediaset and its parent Fininvest have claimed Vivendi 1.8 billion euros in damages for breach of the contract signed for the sale of premium pay TV. In the background, however, the Telecom case in which Vivendi is the largest shareholder with 23.9%.
Many observers believe that after the splitting of the Tim network or the creation of two companies, one for the network and the other for the services, the latter can merge with Mediaset to sell content to fixed and mobile Internet users. . The question will always be long and complex. Vivendi is now committed to managing the day-to-day investment in Tim by addressing governance and high debt issues. Yesterday, the French group came back to request a meeting, soon and therefore without waiting for April, a meeting for the appointment of the auditors, with possibly the intention to propose changes in the government of the day. company with the appointment of new directors to its quota. . In terms of equities, after the appointment of the new CEO, Luigi Gubitosi, Tim's shares gained about 4.5% on the stock market. Yesterday Tim + 0.70% and Mediaset + 1.5%.
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