27th Jul 2015 11:36
LONDON (Alliance News) - Exor SpA, an Italian investment company controlled by the Agnelli family, is in talks with Pearson PLC to increase its 4.72% stake in the Economist Group, publisher of the Economist newspaper, Reuters reported Saturday.
This following confirmation by Pearson it is talks to sell 50% stake in the Economist Group Saturday, saying that it was in talks with the Economist Group board and trustees.
Last week the company announced the sale of the FT Group, which includes the Financial Times, to Japanese media group Nikkei Inc for GBP844 million. This sale did not include the stake in the Economist, which is held via the Financial Times Ltd.
The share capital of the Economist is divided into ordinary shares, 'A' shares, 'B' shares and trust shares. The Financial Times holds all of the 'B' shares, which makes up its 50% stake, whilst the 'A' shares are held by individual investors including the Cadbury, Rothschild, Schroder and other family interests, as well as a number of staff and former shareholders.
Ordinary shares are held by employees, past employees and founding members, and trust shares are held by trustees. These trustees must approve the transfer of 'A' and 'B' shares, and are intended to safe-guard editorial independence.
http://www.reuters.com/article/2015/07/25/pearson-ma-economist-exor-spa-idUSI6N0ZV00I20150725
Shares in Pearson are trading down 3.9% at 1,172.00 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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