MILAN (Reuters) - ISS has recommended Mediaset (MS.MI) and Mediaset Espana TL5.MI shareholders vote against a plan to merge the Italian broadcaster and its Spanish unit under a Dutch holding company, the proxy adviser said in a document seen by Reuters.
Both Mediaset and Mediaset Espana will hold extraordinary shareholder meetings on Sept. 4 to vote on the transaction, which is part of a pan-European growth strategy pursued by Italy’s top commercial broadcaster.
ISS said the deal would limit minority shareholders’ rights. The opinion of the leading proxy adviser contrasts with that of influential rival Glass Lewis, which recommended backing the plan.
Reporting by Elvira Pollina, editing by Valentina Za