The Commercial Court number 2 of Madrid has agreed to the precautionary suspension of the social agreements approved at the extraordinary general meeting of Mediaset Spain, held on September 4, in which the approval of his fusion with his italian matrix.
The judicial decision comes as a result of the beginning at the end of September of a procedure by Vivendi, one of the main shareholders and that would see losing power in the future group, challenging the agreements adopted by the board.
Challenge the agreement
Vivendi and the fight for shareholder control
Vivendi, which has its own plans to build a large European group, opposed the reorganization by saying that it strengthens control over the group of Mediaset's main shareholder, the family of former Italian Prime Minister Silvio Berlusconi. To do this, Vivendi challenged the agreements approved at the September 4 meeting before the Spanish and Italian courts.
This was communicated this Friday October 11 Mediaset Spain to the National Commission of the Stock Market (CNMV), who has informed that the order of the Commercial Court number 2 of Madrid dated October 10 has been notified this same morning
Mediaset disagrees with the court decision
In this sense, Mediaset Spain has ensured that "it strongly disagrees with said provisional decision, so it will proceed to challenge it immediately, trusting that it will be revoked by the Provincial Court of Madrid." "The reasons that support the position of Mediaset Spain are, in the opinion of this entity, very solid and support the legal, economic and business reasonableness of the social agreements that have been challenged," explained the company.
Mediaset obtained shareholder approval in September to create a pan-European media group in an effort to seek continental alliances with competitors and defend against the growing competition of online television services such as Netflix or Amazon Prime Video