STOCKWATCH Impresa off highs after co says not in talks to sell stake to RTL |
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Fri, 02 Feb 2007 12:15
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LISBON (AFX) - Shares in Impresa SGPS were off highs midmorning after the company denied talks with RTL Group to sell a stake to the German media company, dealers said.At 10.47 am, Impresa shares were up 0.16 eur or 3.19 pct at 5.18, off a high of 5.28. Impresa's gains boosted the sector in general with Cofina up 0.04 or 2.26 pct at 1.81.The PSI 20 index was up 7.80 points at 11,634.39.In earlier trade, Impresa was boosted by rumours that RTL plans to sell its 33 pct of Grupo Media Capital SGPS and acquire a stake in the Portuguese media group, dealers said.An RTL spokesman declined to comment on the rumours and said the company will be issuing a statement regarding its 33 pct stake in Media Capital later in the day.Analysts said that Impresa should also be supported by positive January ratings for Impresa's SIC's TV station are also supportive.'(The ratings) are very positive to Impresa's free-to-air channel since they demonstrate that SIC is once more shortening the distance to its rival TVI,' said Lisbon Brokers analyst John dos Santos in a note.According to Market survey group, Markest: Impresa's SIC channel won 27.1 pct of daily TV audiences, up from 24.7 pct a year earlier.Dos Santos said he expects ratings to continue to evolve positively for Impresa, and expects the share to 'start incorporating a speculative component' after the RTL rumours.Lisbon Brokers reiterated its 'Buy' stance on Impresa and 5.50 eur per share fair value.The idea that RTL will sell its stake in Media Capital to Prisa was supported yesterday by reports that Media Capital chairman Miguel Pais do Amaral and his ally Nicolas Berggruen have decided to sell the 11.63 pct they hold in the group to Prisa making a competing bid from RTL unlikely.jonathan.gleave@thomson.comlm/jg/jfrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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STOCKWATCH Impresa surges after rumours RTL eying company 