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MFE's motion for ProSieben spin off falls just short at AGM

Reuters
·1-min read
FILE PHOTO: The logo of German media company ProSiebenSat.1 is seen in front of the headquarters in Unterfoehring

BERLIN (Reuters) - A proposal from ProSiebenSat.1 top investor MFE-MediaForEurope to split off the German media group's e-commerce and online dating ventures from its TV operations narrowly failed to get the required shareholder backing on Tuesday.

Some 70.95% of shareholders voted in favour of MFE's proposal, falling short of the 75% threshold required for the motion to pass.

"Although the motion on the spin-off valuation was formally not passed, more than 70% of the shareholders voted for it," a spokesperson for MFE said, adding that MFE expects ProSieben management and the supervisory board to get to work immediately to increase the value of the company.

(Reporting by Joern Poltz and Pollina Elvira; Writing by Riham Alkousaa; Editing by Keith Weir)