June 28, 2017 / 10:33 AM / a year ago

Mediaset shareholders approve buyback programme

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below