Bollore has made no secret of his intentions to create a southern European powerhouse able to compete with the likes of Time Warner and Rupert Murdoch.
Sources said on Friday Vivendi was bidding for a stake in Spain's largest sports broadcasting rights firm as it shops around for ever more content.
Rupert Murdoch's recent bid for Britain's Sky has focused the minds of European media players, underlining the need to attain scale to compete with online platforms like Netflix and Amazon.
The market is also speculating on Bollore's intentions in Italy, drawing parallels between Mediaset and Vivendi's aggressive stake-building in Telecom Italia last year.
Vivendi now has a 24 percent stake in Telecom Italia and also has partnerships with Orange and Iliad.
There was speculation that Vivendi had sought to take advantage of political uncertainty in Italy and France to make its move, with a new government in force in Rome and elections looming in France.
"It's totally false, I told minister Calenda that much," De Puyfontaine said, adding that he had also met with Mediaset CEO Pier Silvio Berlusconi on Friday.
"The project (with Mediaset) is solid and convincing enough to overcome the hurdles and make it work," he said.
However, in a statement on Saturday Mediaset said there were no talks with Vivendi and that during the meeting with De Puyfontaine the broadcaster had simply reiterated its position that it intended to safeguard the interests of the company and all shareholders.
A Mediaset board meeting is set for Tuesday.