Without obtaining guarantees for the moment

Some gloating of have no serious alternative offer of Prisa, single buyer unofficially said "The world". Today, it is rather the multiplicity of candidates who sows disorder.

Claude Perdriel, owner and founder of the "Nouvel Observateur", was announced Tuesday night be entered into discussion with the leadership of the world group, which also publishes "Télérama", "International mail" and "Life". And the banker Matthieu Pigasse, Chief Executive Officer of Lazard in France, associated with the patron Pierre Bergé, interested him also of very close to the record. Offers not concerted or hostile to the other. "We learned Tuesday that Claude Perdriel wished to make an offer", indicates a close source of tandem Pigasse-Bergé. Two new candidates are working on the record for about a month.

A good deal

A flood suddenly offers potential which resulted a certain perplexity, internally and externally. "We are surprised by these applications." We are rather pleased to raise the covetous, but many questions remain open: these investors would come alone or with a round table What is their project for the daily and the other titles of the Group What is their position in relation to governance What about the interests of Prisa and Lagardère ", asked a reporter.

For some outside observers, this reversal is not so surprising: it proves that ticket proposed entry of 50 to 60 million euros for the control of the "world", is rather a good case, despite the heavy losses accumulated over the past decade. Last year, the group still posted a net loss of EUR 25 million for a turnover of EUR 390 million. But its operation was again positive, to EUR 2.2 million. Another positive signal that could encourage investors, the position deemed "reasonable" SRM (society of editors of the "world"), which, in our columns including ("Les Echos" from April 12), had recognized the inevitability of loss of control. The SRM is today first shareholder in the group with 21,87 of the holding company of the world and partners partners (LMPA) control, which itself controls 60.4 of the operational company the world SA (see opposite). Including holding a right of veto over the appointment of the President of the Executive Board of the group, as well as the loss of control of the group, it has the power to derail the operation.

But what is now certain, it is all new prospective shareholders want majority and control the management of the group. Governance put in place to preserve the economic independence and editorial group will thus shattered. Question what will be proposed to ensure this independence is. The SRM, wishing such a veto over the President of the Executive Board, or of the pre-emption in case of change of control clauses, met José Luis Cebrian, Prisa Group CEO, last week. Without obtaining guarantees for the moment. Claude Perdriel allegedly said, presenting his project to representatives of the staff of the "Nouvel Observateur", its commitment to the independence and rights of Mrs. Matthieu Pigasse and Pierre Bergé are not expressed.

Right of withdrawal

Another major issue is the necessary means and the upcoming alliance games. Claude Perdriel, despite his personal fortune and beautiful sanibroyeurs SFA company performance, would be forced to go into debt and would seek to convene a round table. Very close to José Luis Cebrian, it hoping also, according to a participant in the meeting of Tuesday, convince Prisa to retain its current participation of 15.

Because Prisa, just as the Lagardère Group, which has 17 of the world, holds a right of withdrawal in the case of majority shareholding, to ensure the resumption of its shares. At what price Observers are already considering the upcoming legal battles. At its General Assembly, Arnaud Lagardère had explicitly referred to his desire to transfer its participation, "defending the value of his investment."