* Will keep at least 75 percent
* Selling shares in secondary placement
* Stock to trade before the summer break
FRANKFURT, April 4 German media conglomerate
Bertelsmann announced plans on Thursday to sell a
stake in broadcaster RTL Group worth as much as 1.5
billion euros ($1.93 billion).
Bertelsmann will cut its stake in the broadcaster to as
little as 75 percent from 92.3 percent in a secondary placement,
the company said, confirming a Reuters report last month.
The company is looking for money to fund growth ambitions
and an overhaul of its business to catch up with fast-changing
The RTL shares are likely to be offered to private and
institutional investors in a public offering and to trade on the
Frankfurt, Luxembourg and Euronext exchanges before the European
summer break, Bertelsmann said.
Bertelsmann said in September it planned major acquisitions
and strategic partnerships to accelerate growth as it tries to
become more international.
It aims to expand into digital content and emerging markets
to complement an ailing print publishing business, where it is
planning a merger with Pearson's book publisher
Bertelsmann also bought out its partner, private equity
group KKR & Co. LP, in music rights company BMG.
Sources familiar with the matter told Reuters last month
that Deutsche Bank, Morgan Stanley, Goldman
Sachs, Bank of America, Citigroup and
Credit Suisse were running the sale of the stake in