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Mediaset will not allow Vivendi trust to vote at AGM

Annual meeting due to take place today

Mediaset has said it will not allow the trust that holds majority of French group Vivendi’s stake in the Italian broadcaster to vote at its annual shareholder meeting.

Vivendi currently holds a 29 per cent stake in the Italian broadcaster, which Mediaset considers to be hostile.

Two-thirds of Vivendi’s stake in Mediaset is held in a trust called Simon Fiduciaria as the company already holds a 24 per cent stake in Telecom Italia, which the Italian telecoms watching ruled was an “excessive presence” in the country’s media and telecoms sector.

The two companies are locked in an on-going battle over Mediaset’s plan to merge its Italian and Spanish units under a Dutch holding company. They are due back in court for the latest round of hearings next week.