Vivendi has agreed to vote in favour of Mediaset’s plans to introduce a dual class share structure.
The companies, which had been sparring for years, announced a truce in July but this was thrown into doubt last month when Mediaset proposed a dual class share structure to further its M&A plans. This structure will give each B share a value worth 10 times an A share, with a 10-to-one ratio for voting rights.
The companies however shut down any speculation by announcing that they would amend provisions of the agreement they agreed earlier this year to take account of the proposed changes to Mediaset’s share structure.
In a statement, Vivendi confirmed its plans to sell off its entire stake in Mediaset that is held through Simon Fiduciaria. The French group will sell one-fifth of the ordinary shares A and the ordinary shares B each year at a minimum price of €1.375 in year 1, €1.40 in year 2, €1.45 in year 3, €1.5 in year 4, and €1.55 in year 5.
The agreement, described as a “partial derogation from what was originally agreed on May 3, 2021,” will see Vivendi vote in favour of Mediaset’s proposals at the company’s shareholders’ meeting on November 25.
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07 December 2021 @ 21:30:00 UTC