Vivendi’s Bollore turns up heat on Berlusconi over Mediaset

French tycoon Vincent Bollore has raised the stakes in a battle of nerves with Silvio Berlusconi's Mediaset by saying Vivendi could buy up to a fifth of the Italian broadcaster, stirring talk of a hostile takeover bid.

Vivendi, led by Mr Bollore, its chairman and biggest shareholder, now owns 3 per cent of Mediaset and has said it could raise that to 10-20 per cent “to begin with”, as part of the French media group’s strategy to expand into southern Europe.

Mr Bollore’s move has deepened a feud that began in July when the French company ditched an agreement to take control of Mediaset’s pay-TV unit, Premium, and give the two companies shareholdings in each other. Instead, the two groups are facing off in court, with a first hearing due in March.

A source close to the matter said a hostile takeover by Vivendi was not on the agenda “today”, but the French group wanted to strengthen its position to reopen discussions with the Berlusconi family.

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Mediaset’s shares, under pressure since the pay-TV dispute, jumped as much as 26 per cent to €3.44 climbing back to levels they stood at before Vivendi dropped the Premium deal. Vivendi shares were flat. – Reuters