17th Mar 2015 09:38
LONDON (Alliance News) - Trinity Mirror PLC Tuesday confirmed that it's at an early stage of evaluating "certain" assets of rival newspaper group Northern & Shell, after The Times earlier reported that the owner of The Mirror was weighing up a bid for rival The Express.
Trinity Mirror said there's no certainty an agreement will be reached on the "range of outcomes currently under discussion".
The Times had quoted one person with knowledge of the situation as saying talks were at an early, information-sharing stage, but also quoted another person saying that negotiations are advanced and Daily Express owner Richard Desmond could bank as much as GBP100 million if the sale goes ahead. The price and a GBP85 million pension deficit remain sticking points, the newspaper said.
The newspaper added that it wasn't clear whether the Daily Star, the stablemate of The Express, would be part of any deal.
Trinity Mirror will be keen to avoid adding to its own pension deficit, having agreed to pay about GBP36 million a year in coming years to help fill a gap of about GBP300 million in its own scheme.
Trinity Mirror shares were up 2.3% at 192.25 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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