Mediaset attacks Vivendi Asked for the seizure of 3.5% – the Journal

the Magdalene Room

get to the heart of the clash between Mediaset and Vivendi for the non-purchase of the Premium pay-tv. The Serpent to attack, asking for the seizure of shares in Vivendi. A few days ago, in fact, Mediaset has filed a request for an injunction to 3.5% of own shares from Vivendi, the French would have had to transfer in exchange for the acquisition Premium. The agreement signed with Paris, in fact, provided that the group of Cologno would have detected 3.5% of the giant media French, trasferendogli in exchange for 3.5% of the share capital and 100% of its pay tv.

To discuss the appeal Mediaset, the civil court of Milan Vincenzo Perrozziello was swift, evidently recognising the urgency of the decision setting the hearing on 8 November. The first hearing of the entire case, with which the Mediaset asks the French 1.5 billion of damages for the non execution of the contract, however, remains scheduled on the 21st of march. If the court, on November 8, will give you reason to Mediaset, the company will still have more power of negotiation in the search of a possible agreement with Vivendi. Mediaset, in short, seeks to accelerate a possible negotiation with the French, but without invoking the urgency procedure. The rest of the story Premium should be arranged in a hurry because the car company can not make strategic decisions on the future of its pay tv. The management, in this moment of transition, should be shared with Vivendi. The French, after the turnabout of July on the agreement have never been made to feel.

Mediaset, being listed on the Stock exchange, should seek clarity as to the repeated rumors of possible agreements, as well as with Vivendi also with Sky for the rehabilitation of the Premium, create uncertainty in the operating rooms, with the result of penalizing the title. Also added directions on a “profound revision” in the act on pay-tv on the perimeter of the activities and on the financial profile because of the deadlock of the negotiations with Vivendi.

At the end of June, in fact, the Premium has lost about 100 million euros, by inducing Mediaset ricapitalizzarla to 140 million in order to cover the losses, reconstitute and equip the company with the means to continue the activity.

And even if the ceo of Vivendi Arnauld de Puyfontaine goes on to say that there are ongoing negotiations to define the issue, concrete proposals at the moment there are none. Even Telecom Italia, which has Vivendi as the majority shareholder, or 24.5%, seems to be available only to strengthen the shopping street with Premium, but not to intervene with a role in stock.

According to Mediobanca Securities, however, the situation is still unclear. In the evening, Vivendi did not want to comment on the news waiting notifications official appeal by Mediaset.