U.S. Markets closed

Italy government not indifferent to Vivendi's stake building in Mediaset

The Mediaset tower is seen in Cologno Monzese neighbourhood Milan, Italy, in this April 7, 2016 file photo. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italy's Prime Minister said on Thursday the government is not indifferent to France's Vivendi (VIV.PA) building its stake in private broadcaster Mediaset (MS.IT), but has no special powers to counteract the move.

Newly-appointed Paolo Gentiloni said the Italian executive would be alert but the relevant authorities in the country would have to take action, if required.

"The government is aware that (Mediaset) operates in an important sector but it does not have and cannot activate any instrument," said Gentiloni.

The French media group last week raised its stake in Mediaset to 28.8 percent, just below the 30 percent stake at which a full bid for the TV group would be required.

(Reporting by Giselda Vagnoni, writing by Giulia Segreti, editing by Isla Binnie)