PARIS, Sept 4 (Reuters) - France’s Vivendi condemned on Wednesday Mediaset’s refusal to allow its trust to vote at a shareholder meeting to be held by the Italian broadcaster.
Two-thirds of Vivendi’s 29% stake in Mediaset is held by an arms-length trust which has in the past been barred from voting by an Italian court.
That leaves Vivendi with 9.99% direct voting rights.
“Mediaset is disregarding the most basic shareholder rights and principles of corporate governance with the sole objective of favouring Fininvest (Mediaset’s controlling shareholder), without even recognising a premium to minorities,” Vivendi said in a statement.
The French media giant said it would challenge in court Mediaset’s plan to reorganise its businesses. (Reporting by Mathieu Rosemain; editing by Jason Neely)