French media multinational Vivendi S.A. will not honour an agreement to take full control of Mediaset Premium, ex premier Silvio Berlusconi's Mediaset SpA said Tuesday.
"Yesterday, July 25, the CEO of Vivendi said verbally that Vivendi does not intend to honour the contract stipulated," said Mediaset, referring to Arnaud De Puyfontaine, CEO of the group owned by Vicent Bollorè.
In April Vivendi announced that it had reached "a binding accord" to take full control of Mediaset Premium via a 3.5% stock swap with the parent company, Mediaset SpA. This is "a key strategic industrial accord", the French company said at the time.
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