By Kim Richters 
 

Italy's Mediaset SpA (MS.MI) has signed an agreement with Peninsula Holding SARL aimed at facilitating its planned merger with Mediaset Espana Comunicacion SA (TL5.MC), the company said late Thursday.

The two media companies are planning to merge into a Dutch holding called MFE - MEDIAFOREUROPE NV, a plan that Mediaset's second biggest shareholder Vivendi SA (VIV.FR) disapproves of.

Mediaset said that investment firm Peninsula could, on Mediaset's request, purchase up to 355 million shares of the new holding at a discount price to the withdrawal price.

The agreement's aim is to limit the potential costs for the two companies related to the acquisition of withdrawn shares not otherwise placed.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

September 20, 2019 02:28 ET (06:28 GMT)