Mediaset drops court action to seize 3.5% stake in Vivendi
Mediaset [MS:MI] notes that while its suit against Vivendi [VIV:EN] will continue with the timetable foreseen, the urgent action regarding the precautionary seizure of part of the French group's treasury stock is no longer deemed necessary after Mediaset received assurances in documents filed by Vivendi with the court.
Such documentation shows that a large proportion of the company's shares are held as treasury stock for a period of time compatible with the expected legal proceedings.
Consequently, Mediaset has decided to withdraw its application for urgent action, as it no longer considers existing the danger that its contractual rights be jeopardised by the duration of the suit whose judicial requests remain confirmed
As previously reported, Mediaset had launched the court action after Vivendi refused to go through with a purchase of Mediaset Premium, Mediaset's pay-TV arm, agreed earlier this year.
According to the report, Mediaset was to receive a 3.5% stake in Vivendi worth EUR 820m as part of the deal.