September 4, 2019 / 12:14 PM / 2 months ago

France's Vivendi has bought just over 1% in Mediaset's Spanish unit: sources

FILE PHOTO: A Vivendi logo is seen in Paris April 8, 2015. REUTERS/Gonzalo Fuentes

MILAN (Reuters) - French media group Vivendi (VIV.PA), a hostile shareholder of Italian broadcaster Mediaset (MS.MI), has bought just over 1% in Mediaset’s Spanish unit, two sources close to the matter said.

Mediaset Espana TL5.NC was holding a shareholder meeting on Wednesday to approve a corporate overhaul that would see it merge with Mediaset under a newly created Dutch holding, as part of the group’s pan-European growth strategy.

That plan was approved by Mediaset’s shareholders at a separate meeting in Milan on Wednesday, despite Vivendi’s opposition.

Vivendi bought most of the stake in Mediaset Espana over the past month.

Separately, sources said Mediaset’s board would approve later on Wednesday the purchase of up to 100 million euros ($111.44 million) worth of shares in Mediaset Espana.

Reporting by Elvira Pollina, writing by Silvia Aloisi

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