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Italy: Vivendi urges Mediaset to revoke loyalty share scheme

By  |  July 2, 2019

Italian broadcaster Mediaset SpA (MS.MI) said on Tuesday that hostile shareholder Vivendi SA (VIV.PA) demanded a new extraordinary shareholders’ meeting to revoke resolutions approved in April, a move that could pave the way to another chapter in a legal dispute between the two companies.

Mediaset shareholders’ meeting approved on April 18 a loyalty share scheme that rewards longer-term investors with additional votes under an Italian law that is traditionally used by controlling shareholders to strengthen their grip on companies. Under the new scheme, investors will have two voting rights for each share held for at least 24 straight months.

The Italian broadcaster is controlled by the family of former Prime Minister Silvio Berlusconi.

Full Content: Reuters

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