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Consumer Cyclicals
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Market Cap £25.77bn
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Italian watchdog needs more time to review decision on Vivendi's stake in Mediaset

Wed 16th September, 2020 4:47pm
MILAN, Sept 16 (Reuters) - Italy's communication watchdog
AGCOM needs more time to complete a review of a decision it made
forcing France's Vivendi  VIV.PA  to forfeit most of its stake
in Italy's top commercial broadcaster Mediaset  MS.MI , two
sources said on Wednesday.
   The Court of Justice of the European Union this month ruled
that an Italian law which forced Vivendi  VIV.PA , Mediaset's
second-biggest shareholder, to freeze most of its voting rights
in the Italian group violated the bloc's rules.*:nL8N2G01R5
    The EU court decision prompted AGCOM to start a review of
its decision to curb Vivendi's stake in Mediaset, which is
controlled by the family of former Italian Prime Minister Silvio
    Last week the authority asked the Italian state lawyer's
office for an opinion on the case which was then discussed
during a meeting on Wednesday, sources said.
    But the authority did not reach a conclusion yet as it needs
more time to evaluate the opinion given the complexity of the
case, the sources said, adding a decision could come as soon as
next week. 
    In 2017 AGCOM ruled that Vivendi's stakes in Mediaset and 
Italy's biggest phone group Telecom Italia  TLIT.MI  broke rules
designed to prevent a concentration of power in the telecoms and
media sectors. 
    It ordered Vivendi to reduce one of its holdings to below
    To comply with the Italian regulator's request, Vivendi
transferred two-thirds of its 29% stake in Mediaset into an
arm's-length trust, which has been barred from voting at the
Italian broadcaster's shareholder meetings.

 (Reporting by Elvira Pollina
Editing by Keith Weir)
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