Fininvest sues Vivendi for 570 mln euro damages

Fininvest has filed, at the Court of Milan, a writ of summons against Vivendi for damages suffered as a shareholder of Mediaset asking 570 million euro.

It said in a statement that the group announces that it has filed a lawsuit to get that Vivendi "is ordered to give full compliance to the shareholders' agreement attached to the contract signed with Mediaset". Last Friday, the same Mediaset had announced that it had filed a court in Milan the summons against Vivendi in execution protection of the contract between the two companies last April for the sale of Premium.

"Such damage amounted to an amount not less than 570 million euro, related among other things to the decrease in the value of Mediaset shares as a result of the incident, the lack of appreciation of the same when it was given during the execution of the contract and evident reputational damage. "

The agreement in April predicted that 3.5% of Cologno-based company was exchanged for the same share of Vivendi and the price difference was compensated by 100% of the pay TV Mediaset Premium. On July 26, the leading man of Vivendi Bolloré, who is also the majority shareholder of Telecom Italy, however, has indicated that it does not intend to meet commitments and has put into the pot with a new proposal: instead of 100% Premium, he wants as compensation a convertible loan that allows him to get to hold in 3 years about 15% of Mediaset's capital. The offer was immediately returned to sender.

Now Vivendi reply is expected, when on Thursday its board of directors will meet to discuss on second quarter accounts but, surely, will have on the table even the Premium dossier.