Mediaset SpA's shareholders voted to approve the plan to combine the company and Mediaset España Comunicación SA into a new holding company.
Mediaset and Mediaset España will be merged into Mediaset Investment NV, Mediaset's Dutch direct subsidiary, which will be renamed MFE-Mediaforeurope NV.
The combination, which remains subject to certain conditions, will see the cancellation of Mediaset and Mediaset España shares. In turn, shareholders of the two companies will receive 1 MFE ordinary share per Mediaset share owned.
Prior to the voting, Mediaset faced conflict with stakeholder Vivendi SA, which expressed plans to block the merger.
Mediaset earlier rejected a request from Vivendi and its trust Simon Fiduciaria SpA to exercise their voting rights at Mediaset, stating that the companies are "not legally entitled" to the administrative rights. The Court of Milan recently ruled to allow Vivendi to attend and vote at the shareholder meeting, after the French conglomerate appealed against Mediaset's decision to prohibit its voting.
Mediaset on Sept. 4 stated that it allowed Vivendi to exercise its voting rights, but not Simon Fiduciaria.
Vivendi said in a statement that Mediaset's decision to forbid Simon Fiduciaria's voting at the meeting is "unlawful" and alleged that the Italian company is "disregarding the most basic shareholder rights and principles of corporate governance."
Vivendi plans to take legal action against the proposed new structure.
