(MENAFN- AFP) A fight pitting former Italian Prime Minister Silvio Berlusconi and France's top corporate raider entered a new round Thursday when the headquarters of French media giant Vivendi were raided as part of a market manipulation probe.
In late 2016, Vivendi, controlled by billionaire French businessman Vincent Bollore, scooped up a stake of nearly 30 percent in Italian TV group Mediaset, in which Berlusconi's family is the biggest shareholder.
The Berlusconi family has accused Vivendi of snapping up the shares after intentionally making the price fall by ripping up a new strategic partnership with Mediaset to create a new player on the European TV market meant to rival streaming giant Netflix.
The French company confirmed that French and Italian financial police agents were searching its offices, with sources linking it to the raid to a probe opened by Milan prosecutors.
Milan prosector Fabio De Pasquale declined to comment when contacted by AFP.
Both Bollore and Vivendi's chief executive Arnaud de Puyfontaine are targets of the probe.
Mediaset and Fininvest, the holding company of the Berlusconi family, are seeking 3 billion euros ($3.5 billion) in damages from Vivendi.
Italy's telecoms regulator earlier this year ordered Vivendi to either reduce its stake in Mediaset or in Telecom Italia, which regulators believe it has gained effective control over with a stake of nearly 24 percent.
The Italian government is looking into whether Vivendi breached an obligation to notify Rome of its controlling role at Telecom Italia, a company considered a strategic national asset.
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