Berlusconi buys Emap France for EUR 545m

Italian publisher Mondadori, part of the Fininvest empire of former prime minister Silvio Berlusconi, said Monday it was buying Emap France for EUR 545m. The company added in a brief statement to the London Stock Exchange that it planned to return proceeds from the sale to Emap shareholders ‘as soon as practicable.’ It said the operation would be financed entirely with available cash and specifically agreed credit lines. Emap France, a subsidiary of the British publishing giant Emap, was put up for sale in February. It is a leading magazine publisher in France with 43 titles covering interests ranging from the lives of celebrities, to the home, the auto sector, science and television. The French business, which also includes television listings titles, has struggled amid a competitive market and a downturn in advertising. (AFP, The Tocqueville Connection,June 20, 2006)

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