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Gütersloh (pte037/08.04.2003/15:17) - Final bids for the scientific publishing business BertelsmannSpringer http://www.bertelsmann.de will be put in this week, said the Financial Times. Currently bidding for the company are seven buyers, amongst them, its former chief executive, Jürgen Richter.
In order to reduce the debts, Bertelsmann is trying to close the deal in the first half of the year. To achieve this, BertelsmannSpringer is aiming to sell for 900m euros. According to FT, however, analysts have valued the company at only 780m euros.
Forming one bidding group is Richter, together with investment houses CVC Capital Partners and the Blackstone Group, FT reports. Also bidding are the two former Bertelsmann managers Christophe Czajka and Bernhard von Minckwitz. Other bidders, as named by FT, are the British publishers BC Partners, Charterhouse, Apax Partners together with Talyor & Francis, as well as a consortium of the companies Cinven und Candover.
Bertelsmann has accumulated debts to the amount of 2.7b euros, mainly due to the takeover of the record label Zomba.
The goal of the Gütersloh media group is to reduce this debt to less than 2bn euros. Bertelsmann is not planning to consider any substantial acquisition until its credit rating is secured through the selling of BertelsmannSpringer, FT reported.
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