Vivendi holds onto Mediaset stake as withdrawal right deadline expires: sources
FILE PHOTO: A Vivendi logo is seen in Paris April 8, 2015. REUTERS/Gonzalo Fuentes/File Photo
Get Alerts VIV Hot Sheet
Join SI Premium – FREE
MILAN (Reuters) - Vivendi (NYSE: VIV) has decided not to exercise withdrawal rights over its Mediaset holding (NYSE: MS) as a deadline to liquidate the stake in the Italian broadcaster expired at the weekend, two sources close to the matter said on Monday.
The French media group had until midnight on Saturday to sell its 29% stake back to Mediaset, following the approval of a corporate overhaul that will see Italy's top commercial broadcaster merge it domestic and Spanish businesses under a Dutch holding company.
Sources familiar with the matter told Reuters on Sunday Vivendi had decided to fight the corporate revamp in court, broadening its legal spat with Mediaset beyond Italy, rather than head for the door.
(Reporting by Elvira Pollina, editing by Valentina Za)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Xiaomi locks in over 75,000 orders for SU7 car, targets over 10,000 deliveries in June
- Vale expects to reach final agreement for Mariana dam reparations in first half of year
- Nvidia supplier SK Hynix expects full chip recovery after strong earnings on AI boom
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!