All World

The World: key week for the recapitalization

A new twist to a week of the due date of the recapitalization of the World. Faced with the trio led by the investment banker, Matthew Pigasse with Pierre Bergé and Xavier Niel, a second trio was organized on Sunday afternoon, around the group BY SFA (holding the New Observer, owned by Claude Perdriel) of Spanish media group Prisa (El Pais) and France Telecom operator. In an interview with Journal du Dimanche (JDD) Sunday, the CEO of France Telecom, Stéphane Richard, proves to have "thrown, with Claude Perdriel and Prisa, the basis of an agreement."

15.01% shareholder of Le Monde group, Prisa was reticent after the refusal of the Executive to grant an extension until September to participate in the recapitalization of its ailing partner.The panel chaired by Juan Luis Cebrian put forward its own recapitalization involved with the U.S. Fund Liberty to justify such a postponement of the calendar. Last week, he emphasized its commitment to, inter alia, not to see its share diluted after World recapitalized.

Negotiations on all fronts

The new trio should table this afternoon deadline, a firm offer to provide a contribution of 80 to 120 million euros, against 67% stake in Le Monde group, the balance remaining in the hands of associations of employees, alumni and readers. If the trio is selected, two thirds of the capital would be divided between France Telecom (20%), ACS PAR (40%) and Prisa (40%). Claude Perdriel assumed the presidency of the Executive, Denis Olivennes merely a seat on the supervisory board of the World, which would be chaired by Louis Schweitzer. It remains to see who would hold operational control.The question does not seem to cut Sunday night "even though we reassured on good authority, we are heading towards a cocontrôle between groups Prisa and Le Nouvel Observateur No faxing 1 hour payday loans.

For its part, the boss of France Telecom has consistently received on Sunday evening, the approval of its board of directors to invest the "50 to 60 million euros" in Le Monde. This amount is primarily intended to buy "the participation of 34% of Lagardère in Le Monde Interactive (lemonde.fr …), estimated at between 30 and 40 million euros (the remainder, nearly 20 million euros, being invested in the holding head).

France Telecom is already in discussion with the group Lagardere, which would yield the same time its trademark rights The World.With this operation, the operator expects to realize significant synergies in terms of content and advertising revenue between its sites, those of the World and the Nouvel Observateur. On an investment after all, pleaded Sunday Stéphane Richard, in comparison with the "6 billion that the group invests every year." Especially since Claude Perdriel was anxious to negotiate an option to buy within five years 34% of France Telecom in Le Monde Interactive.

For its part, the trio Pigasse-Bergé-Niel Sunday still pursuing its discussions with various companies in the group's employees to enter into a governance agreement. This would include maintaining their right of veto over the appointment of a newspaper editor, a right to consultation regarding the group's director, and a right to scrutinize the use of the mark World. This agreement should be attached to the tenders submitted this afternoon.The employees will vote Friday before a supervisory board next Monday.

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