Italian prosecutors have indicted former Vivendi chairman Vincent Bolloré and current CEO Arnaud De Puyfontaine as part of an investigation into alleged market manipulation.
The two were investigated in 2017 after Mediaset claimed they had plotted to devalue the company’s shareprice in the wake of the previous year’s collapsed agreement by Vivendi to buy the Mediaset Premium pay-DTT operation.
Over the weekend Vivendi said it was “shocked” that news of the indictment had leaked.
Prosecutors have indicated they believe Vivendi communicated incorrect information to the market during the transaction.
In a lengthy statement the company explained it had acquired its stake in Mediaset in compliance with all applicable laws, that “it has always communicated transparently to the market and the regulators and that its current and former executives are either extraneous to those allegations or have acted in full compliance of the law.”
Under Italian law an indictment neither implies guilt or indicates that the pair will stand trial.
