Bertelsmann, Europe’s biggest media company, is being forced to prepare for a long-resisted IPO. The company is faced with the choice of paying about €5bn ($6.1bn) to buy out its only independent shareholder, or acceding to a market listing. And they only have until May to resolve the issue.
And Groupe Bruxelles Lambert, the financial holding company that owns 25% of Bertlesmann and has the right to force an IPO by May if their stake is not bought out, announced today that they want to pursue a listing of their stake in Bertelsmann. GBL acquired the stake in 2001 when Bertelsmann bought GBL’s 30% holding in RTL to take full control of Europe’s largest TV and radio broadcaster.
Ooh, this looks juicy. And Bertlesmann will have to borrow money or sell off assets if they decide to try and buy GBL out. This looks to be a major showdown and could lead to a fascinating development for the secretive and private Bertlesmann if they do end up as a public company. It may even be the best thing that ever happened to the company.
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