MILAN (Reuters) - Vivendi's proposal to limit its voting rights at Mediaset to 9.9 percent was not sufficient in itself to allay regulator concerns if the French media group retained a significant influence at the Italian broadcaster, a source close to the matter said on Tuesday.
The source added that Vivendi's plan to place a stake of 20 percent in Mediaset in a blind trust was seen as a good solution as long as those shares can never be used by the French group to vote at shareholder meetings.
AGCOM said in April that Vivendi's stake-building at Mediaset and Italian phone group Telecom Italia (MI:TLIT) was in breach of rules designed to prevent a concentration of power in the country's telecoms and media sector and asked the French group to reduce one of the holdings.
Vivendi (PA:VIV) is the biggest single shareholder in Telecom Italia, with 24 percent, and also owns 29 percent of Mediaset.