"The contract with Vivendi was not preliminary, a definitive and irrevocable text" (Mediaset)

"With regard to the press release issued by Vivendi (on 25/08/2016), Mediaset wishes to clarify that the declarations made are entirely without legal or commercial foundation. The contract signed on 08/04/2016 was not preliminary, as Vivendi's improvised statements suggest, but rather a definitive and irrevocable text signed by the chief executive Arnaud De Puyfontaine. The contract explicitly foresees the impossibility of modifying the terms and conditions of the agreement following due diligence procedures," stated Mediaset on 25/08/2016.

"Although they have pursued discussions with Vivendi, Mediaset and Fininvest have suddenly launched media attacks which adversely affect the interests and image of Vivendi," said the French group as a footnote during the presentation of its half-year results, on 25/08/2016. Fininvest (which owns Mediaset) claimed in court €570m in damages from the Vivendi group, and demanded that the group respect the Mediaset Premium purchase agreement signed on 08/04/2016.

An initial agreement between the two companies, announced on 08/04/2016, provided that…