CORRECTED-Bertelsmann preparing for RTL stake sale in Q2 - sources
(Corrects to show RTL results are on Feb. 25 not Feb. 28)
* Six banks appointed for sale of RTL stake
* To sell as much as 17.3 pct of RTL, worth 1.9 bln euros
By Harro Ten Wolde
FRANKFURT, Feb 21 (Reuters) - German media company Bertelsmann aims to sell part of its stake in RTL Group in the second quarter, two people familiar with the matter said on Thursday.
"They need to wait for publication of the annual results and then need some time to work on the prospectus," said one person, who declined to be named because the discussions were private.
Bertelsmann's results are scheduled to be published on March 26, while RTL will publish its results on Feb. 25.
Bertelsmann has appointed Bank of America, Citigroup , Credit Suisse, Deutsche Bank, Goldman Sachs and Morgan Stanley to sell the stake, the two people said.
The banks and Bertelsmann all declined to comment.
Europe's biggest media group said last month it wanted to cut its stake in RTL Group to raise money for an overhaul of its business to catch up with fast-changing markets.
Bertelsmann, which has 92.3 per cent of the voting rights in RTL also said it would keep a stake of about 75 percent, meaning it could sell as much as 17.3 percent of the broadcaster, a stake with a market value of 1.9 billion euros ($2.5 billion).
In October, Bertelsmann and British group Pearson said they were to merge their publishers - Penguin and Random House - to better compete with Amazon and Apple , the leaders in the ebook market.
Last year, Bertelsmann changed its legal form from a joint stock company to one allowing it to list as a company that remains controlled by a family holding. ($1 = 0.7479 euro) (Reporting by Arno Schuetze; Additional reporting by Joern Poltz; Writing by Harro ten Wolde; Editing by Dan Lalor and Gerald E. McCormick)
- Tweet this
- Share this
- Digg this