After a weekend of tight negotiations, and five years of contention, a deadly agreement was reached between Fininvest-Mediaset and Vivendi. The three companies reached a global agreement to put an end to their disputes by waiving all pending lawsuits and complaints. Vivendi has undertaken to sell 19.19% of the Mediaset share capital held by Simon Fiduciaria in 5 years and Fininvest will have the right to purchase the unsold shares in each 12-month period at the established annual price. Fininvest will propose the distribution by Mediaset of an extraordinary dividend of € 0.30 per share to be paid on 21 July for a total amount of approximately 350 million. After the detachment, Fininvest will acquire 5% of Mediaset directly from Vivendi at 2.7 euros per share (2.69 the market price) and Vivendi will therefore remain with a 4.61% stake. To close the pending lawsuits regarding Vivendi’s subsidiary Dailymotion, the latter will pay 26.3 million euros to settle the copyright dispute with RTI and Medusa, a Mediaset company.
The closing in July 2021
The closing of the agreement is scheduled for July 22, 2021. Vivendi – continues the note – will favor the international development of Mediaset by voting in favor of the abolition of the increased voting mechanism and the transfer of Mediaset’s registered office to the Netherlands. Mediaset and Vivendi also entered into good neighborly agreements in free-to-air and standstill television for a duration of five years. Fininvest and Vivendi are also obliged to vote in favor of the shareholders’ resolution in which the distribution of Mediaset’s extraordinary dividend will be proposed. As for the sale of the stake held by Simon Fiduciaria, it will be sold on the market in five years, at a minimum price that will rise year by year from a minimum of 2.75 to 3.1 euros. At 3.2 euros Vivendi will have the right to sell at any time.