Vivendi has struck a major blow against Mediaset after a Spanish court put a block on the merger of the companies Italian and Spanish businesses.
In September, shareholders voted in favour of the plan that would combine the two centres of operations into a Dutch holding company known as Media for Europe that the Berlusconi family hopes will later see the participation of other European broadcasters.
The Berlusconi family was able to carry the motion with the support of 78% of admissible shareholders.
However, Vivendi remained firmly against the deal, arguing that it placed minor shareholders at a disadvantage.
Two years ago Vivendi built up a 29% holding, but is only ably to exercise 9.9% because of its cross-holding in Telecom Italia.
The French company says it will “use any legal recourse in all relevant jurisdictions and countries to challenge the legality of the proposed new structure, both under national and European laws”.
