Guardian-owner ends talks on Auto Trader sale: FT
LONDON (Reuters) - The publisher of Britain's Guardian and Observer newspapers has ended talks on selling its stake in Trader Media Group because the price offered fell short of expectations, the Financial Times said on Thursday.
Trader Media Group, which owns the Auto Trader classified cars sales website and magazine, is a joint venture between Guardian Media Group (GMG) and private venture company Apax, and its profits help offset operating losses at GMG's newspapers.
The Financial Times, citing two people with knowledge of the offer, said Apax had been interested in buying GMG's 50.1 percent stake at a price that valued the group at about 1.2 billion pounds ($1.9 billion), including net debt of 600 million pounds.
That fell short of GMG's expectations, it said.
GMG's talks with other private equity investors have also ended, the FT said. Groups including Hellman & Friedman and KKR have been reportedly been interested.
A spokesman for GMG declined to comment. Apax officials were not available for comment.
($1 = 0.6313 British pounds)
(Reporting by Paul Sandle; Editing by Matt Driskill)
TOKYO - Asian stocks slid on Monday and the dollar stepped back from its recent highs as disappointing Chinese trade data and uncertainty over the crisis in Ukraine kept risk appetite in check.
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.