Vivendi may use GBL Fiduciaria as the blind trust to hold 20% stake in Mediaset
Vivendi [EPA:VIV] could use GBL Fiduciaria, a unit of Banca Leonardo as the blind trust to hold its 20% stake in Mediaset [BIT:MS], Italian-language daily Il Messaggero reported.
The report did not cite any sources for the claim. Vivendi has until April to make the appointment, the report added.
The voting rights of the stake will be frozen, and Vivendi would still retain a 9.9% stake in Mediaset which will remain unaffected. The move is required by AGCOM, Italy's communications regulator, the report added.
Vivendi, which is the largest shareholder of Telecom Italia [BIT:TIM] with a 23.3% stake and holding a 29.9% stake in Mediaset, was ordered in April to take action to comply with the national telecoms regulation. According to Italian law, a company holding over 40% of the Italian telecoms market cannot control television, radio or publishing companies holding more than 10% of the market in terms of revenues.