Berlusconi media empire looks to fend off takeover
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Shares in Silvio Berlusconi's Mediaset empire have fallen nearly 8 percent after the Italian government suggested it wouldn't accept a hostile takeover by France's Vivendi media group.
Trading in Mediaset was halted twice on the Milan stock exchange Thursday morning for excessive losses, a day after Vivendi confirmed it had acquired a 20 percent stake in Berlusconi's television and publishing group.
Mediaset holding company Fininvest lodged a complaint with Milan prosecutors late Wednesday alleging market manipulation. Mediaset accused Vivendi of taking advantage of the 30 percent drop in Mediaset's share value after Vivendi backed out of a plan to buy its Premium unit over the summer.
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Economic development minister Carlo Calenda said Vivendi's move "doesn't appear to be the most appropriate way to proceed" to boost Vivendi's presence in Italy.