The Italian company’s Board of Shareholders approved the plan to merge with Mediaset Spain and create a new company based in the Netherlands.
The plan announced in June to merge Mediaset Italia and Mediaset España into a holding company called Mediaforeurope based in the Netherlands is closer to being fulfilled after the Mediaset Italia Shareholders’ Meeting approved the merger with Mediaset España.
As revealed by press agency EFE, the plan was approved with 78% of the votes of those present (62.5% of the capital). 21% of the attendees, all from French partner Vivendi, rejected it.
Vivendi, in fact, announced that it will appeal the decision since it was not allowed to vote through Simon Fiduciaria, a trust that owns 19.2% of Mediaset and is controlled by Vivendi itself.
The origin of this decision is a dispute between Mediaset and Vivendi since the frustrated sale of Mediaset Premium to Vivendi in 2016, which ended in a confrontation between Bollore and Berlusconi and the purchase by Vivendi of 29% of Mediaset, considered hostile by The Berlusconi family.
Of that 29%, Vivendi then transferred 19.2% to Simon Fiduciaria and held 9.99% directly, the only participation for which it is allowed to vote and insufficient to block the operation.
The merger must now be approved in Spain. Since it is by simple majority and that Mediaset controls 51.6% of the capital, it is already given as a fact.
The plan of the merger is to develop a pan-European growth strategy and address the threat of digital platforms with greater weapons.