End of disputes: so Fininvest, Mediaset and Vivendi announce the outbreak of peace after five years of court battles, made up of mutual accusations, denunciations and attempts to take over.
Fininvest, Mediaset and Vivendi are pleased to announce that they have reached a global agreement to put an end to their disputes by mutually renouncing all pending lawsuits and complaints.
Not only has there been enough of legal wars, but there will also be some sort of collaboration between the parties which will materialize in a pact of non-belligerence – indeed, of good neighborhood – “in free-to-air and standstill television* lasting five years“. In addition, Vivendi will vote”in favor […] the transfer of Mediaset’s registered office to the Netherlands“, actively contributing to the international development of the Group.
Vivendi will sell its 19.19% stake in Mediaset over five years, and Fininvest may purchase any unsold shares each year at a price set by the parties. In addition, Fininvest will purchase 5% of the share capital of Mediaset now held by Vivendi at the agreed price of € 2.70 per share. At the closing of the agreement – scheduled for July 22nd – Vivendi will remain in Mediaset with a 4.61% stake.
The story between Mediaset and Vivendi began in 2014 with the interest of the French company in the acquisition of a share of Mediaset Premium. In the following years, the French company tried to get its hands directly on Mediaset itself, an attempt that later turned into a possible share swap and a push and pull on full control of Premium. Hence the discussions that led the two giants to court – and the sudden takeover that led Vivendi to 30% in Mediaset. Accusations and counter-accusations that have gradually faded until 2018, when Vivendi transferred 19.9% of Mediaset shares to the trust fund Simon Fiduciaria SpA, or the share that the French company has now decided to sell to place an end to the diatribes.
* suspension agreement whereby the parties undertake to postpone any “hostile” actions or decisions.