Mediaset stock rose by around 18% in early trading on the Milan bourse after several suspensions for excessive volatility on Tuesday following French group Vivendi's announcement Monday that it is aiming to take its stake up to 30%. Fininvest, the holding company of ex-premier Silvio Berlusconi's family that controls Italy's top private broadcaster, has described Vivendi's actions as hostile and reported it Italian bourse regulator CONSOB. Milan prosecutors have also opened a market manipulation probe following Fininvest's complaint that Vivendi allegedly intentionally acted to devalue Mediaset before going on a recent buying spree by backtracking on a deal to purchase its Premium pay-TV branch last summer. Vivendi has said its share acquisitions are part of its strategy to develop its presence in southern Europe.
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