MILAN, June 28 (Reuters) - Shareholders of Italian private broadcaster Mediaset approved on Wednesday a proposed share buyback programme which will allow the group to acquire up to 10 percent of the company in Treasury shares.
The Milan-based TV group is controlled by the family holding company of former prime minister Silvio Berlusconi, with a 39.53 percent stake. Its second largest shareholder is France’s Vivendi with a 28.8 percent shareholding.
The buyback will allow Mediaset, which already has 3.79 percent of the company, to increase its grip on the company.
But, because of a special whitewash mechanism, it will not force Mediaset’s large shareholders- including Berlusconi’s family holding Fininvest - to launch a mandatory bid on Mediaset should their stakes go past the allowed legal threshold as a result of the buyback.
The buyback programme was voted by over 94 percent of the 12,5 percent of minority shareholders. The vote required a simple majority of these shareholders.
Vivendi was not present at the AGM. (Reporting by Giulia Segreti, editing by Stephen Jewkes)