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Mediaset seeks court order for seizure of 3.5 pct Vivendi stake - source
October 12, 2016 / 5:56 PM / a year ago

Mediaset seeks court order for seizure of 3.5 pct Vivendi stake - source

MILAN, Oct 12 (Reuters) - Italian broadcaster Mediaset has asked an Italian court to order the seizure of a 3.5 percent stake in Vivendi in a dispute with the French group over a soured pay-TV deal, a source said on Wednesday.

Mediaset accuses Vivendi of reneging on an April deal under which Vivendi agreed to give the Italian company the 3.5 percent stake in exchange for an equal stake in Mediaset and full ownership of the Italian group’s Premium pay-TV unit.

The first hearing to decide on Mediaset’s request will be held on November 8, the source added.

Vivendi declined to comment.

A 3.5 percent stake in Vivendi is worth around 820 million euros at the current market price. Any seizure order would apply to shares held by Vivendi in its corporate treasury and implementation would need the cooperation of French authorities.

The two groups have been feuding since July when Vivendi said it would back out of the share-swap deal on the basis that Premium’s financial forecasts had changed. (Reporting by Giulia Segreti and Claudia Cristoferi; Editing by Mark Bendeich)

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