LVMH won't hold exclusive talks on La Tribune sale before Nov 8 - Tribune staff |
|
|
|
Published
:
Mon, 22 Oct 2007 16:56
|
PARIS (Thomson Financial) - Employees of the French daily financial newspaper La Tribune which owner LVMH is trying to sell have learned that no exclusive talks with a potential buyer will be announced before November 8, a staff member said.Jean-Christophe Chanut, an employee representative on the title's works council, told Agence France-Presse that management had outlined a timetable for the disposal process at a meeting today.He said LVMH has also agreed to put an unspecified sum into a fund to finance any eventual severance payments or to up any redundancy scheme announce by a buyer.Management at La Tribune are to unveil to staff on Tuesday takeover offers for the business daily, employee representatives told Agence France-Presse. La Tribune's management has proposed to then discuss the different offers with the works council next Friday, according to staff, who said they need more time to consider the proposals.Tomorrow, employee representatives will learn the identity of the firm offers LVMH has received from Lazard, the bank appointed to sell the paper, but Chanut noted that new candidates could come forward before November 8.Le Monde this weekend named six candidates, but did not say where it got its information.It said as well as Alain Weill, chief executive of NextRadioTV who in August ruled himself out, those contacting Lazard include Walter Butler, head of investment firm Butler Capital Partners, the former CEO of La Tribune Fabrice Larue, who is partnered with French bank Caisse d'Epargne, former manager of l'Agefi Philippe Micouleau, plus Hi-Media executives Cyril Zimermann and Jean-Charles Simon.The paper said billionaire Vincent Bollore meanwhile is negotiating directly with LVMH owner Bernard Arnault.Arnault is selling La Tribune in order to clear his way to buying its rival, Les Echos.tfn.paris@thomson.commrg/jlcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
Print this Story
Les Echos employees told consultation over sale to LVMH finished - report 