Vivendi plans to seek several board seats to win more influence over Mediaset, stepping up a fight over control of the Italian broadcaster founded by former prime minister Silvio Berlusconi, people familiar with the matter said.
The French media conglomerate intends to call a shareholder meeting as early as next month in its bid to install as many as four of its representatives on the board, said one the people, who asked not to be named because the plan isn’t public. No final decision has been made and Vivendi may decide to find an alternative agreement with Mediaset, the person said.
Berlusconi, 80, is trying to keep control of the media company he set up in the 1970s, amid the unwelcome advance by Vivendi and its chairman, billionaire Vincent Bollore. As part of its defence strategy, Mediaset intends to present its business plan to investors and analysts in London in mid-January, one person said.
Mediaset hasn’t received a request by Vivendi for a shareholder meeting, one person said.
Representatives of Vivendi and Mediaset declined to comment.
This month, Vivendi boosted its Mediaset holding to 28.8% of shares and 29.9% of votes, just under the threshold of 30% of votes that would trigger a mandatory tender offer.
Mediaset shares have jumped about 80% in December as Vivendi stepped up its stock purchases and Berlusconi’s holding company Fininvest responded by building up its stake. Fininvest has about 40% of Mediaset’s votes.
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