Bolloré Boosts Mediaset Stake -- WSJ
December 23 2016 - 03:02AM
Dow Jones News
By Manuela Mesco
MILAN -- French group Vivendi said Thursday it now has a 28.8%
stake in Mediaset SpA, as the French media group increases its
shares in the Italian broadcaster despite ongoing legal battles
between the two firms.
Vivendi, led by billionaire Vincent Bolloré, previously
announced it planned to reach a 30% stake in the Italian
broadcaster, controlled by the family of the former Italian Premier
Silvio Berlusconi. A 30% stake is the legal threshold before an
investor is required to launch a takeover offer for all shares
outstanding.
The Berlusconi family is the major shareholder in Mediaset,
through holding company Fininvest, with a current stake of just
over 38%. But it can't buy any more shares until April, according
to Italian law.
Vivendi, has been steadily buying up shares in Mediaset. Last
week, after a long-running contractual dispute over a failed
partnership between the two media giants, Vivendi started buying up
Mediaset shares, spending $860 million to build a 20% stake.
Write to Manuela Mesco at manuela.mesco@wsj.com
(END) Dow Jones Newswires
December 23, 2016 02:47 ET (07:47 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.