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Vivendi holds onto Mediaset stake as withdrawal right deadline expires - sources

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By Reuters
Vivendi holds onto Mediaset stake as withdrawal right deadline expires - sources
FILE PHOTO: A Vivendi logo is seen in Paris April 8, 2015. REUTERS/Gonzalo Fuentes   -   Copyright  Gonzalo Fuentes(Reuters)

MILAN (Reuters) – Vivendi <VIV.PA> has decided not to exercise withdrawal rights over its Mediaset holding <MS.MI> as a deadline to liquidate the stake in the Italian broadcaster expired at the weekend, two sources close to the matter said on Monday.

The French media group had until midnight on Saturday to sell its 29% stake back to Mediaset, following the approval of a corporate overhaul that will see Italy’s top commercial broadcaster merge it domestic and Spanish businesses under a Dutch holding company.

Sources familiar with the matter told Reuters on Sunday Vivendi had decided to fight the corporate revamp in court, broadening its legal spat with Mediaset beyond Italy, rather than head for the door.

(Reporting by Elvira Pollina, editing by Valentina Za)