Italian broadcaster Mediaset is open to a deal with France-headquartered Vivendi provided Telecom Italia is not in the picture, CEO Pier Silvio Berlusconi said.

“Mediaset is open to any proposal that creates value and makes industrial sense,” he told La Stampa newspaper.

Berlusconi’s comments come after Vivendi announced intentions to raise its stake in Mediaset from 28.8 per cent at present to 30 per cent – the maximum threshold before an investor is required to launch a takeover offer under Italian law.

Vivendi’s move followed the failure of separate deal, which saw the French company walk away from an agreement to buy Mediaset’s Premium pay-TV service, leading to a dispute between Vivendi and the Berlusconi family (which controls Mediaset).

To resolve the issue it was suggested Vivendi, which is Telecom Italia’s single largest shareholder with a 24.9 per cent stake, could swap a holding in the operator for a stake in Mediaset.

Such a solution would also go some way to curb regulatory concerns about Vivendi’s growing influence in Italy’s telecoms and media markets.

However, Berlusconi poured cold water over the suggestion, stating there was no interest in a possible deal involving Telecom Italia.

“A combination of TV and telecoms only makes sense for those who deal with telecommunications,” he said.

He also confirmed no such proposal had been presented by Vivendi, adding the French group’s CEO made only a vague reference to Telecom Italia when the two groups had met.