Claude Perdriel is in turn to work seriously on the folder

The large manoeuvres beat full behind-the-scenes for the resumption of the "world". And this week looks decisive. Suspense: which 5 potential to be out of the wood buyers will finally make an offer The trio formed by Matthieu Pigasse, Pierre Bergé and Xavier Niel formalized Thursday its intentions and was already prepared. Claude Perdriel, owner of the "Nouvel Observateur", should table an offer, if finalized negotiations with a potential partner (which would be an outsider, yet never cited on the record). Uncertainty remained yesterday about the intentions of the other potential suitors: the Swiss Ringier, the Espresso Italian and Spanish Prisa.

Final bids for June 11

The calendar remains tight, even though it should be slightly deferred from the initial intentions. The Council Bank Calyon has indeed sent candidates to new dates deadline: delivery of the pré-offres before June 9, final offers for June 11. A new calendar which makes difficult the choice of a buyer in the Supervisory Board of 14 June, as planned. Indeed, so that this Council can decide, the shareholders incorporated companies, such as SRM (society of editors of the world), the company personal of PVC (Publications of Catholic life) or SDL (society of readers) called general assemblies for June 10. They were supposed to choose the filed offers, so that their representatives to the Supervisory Board have a clear mandate at the Council of 14 June. Which will be impossible if the date deadline is set for June 11. The choice could be delayed a few days, to an extraordinary supervisory board convened for the occasion. And corporations shareholders shall convene new extraordinary general meetings.

To workforce reductions

The date of June 14 was also a target of a point of legal view, because the Auditors must then certify them so that they can then be approved in the General Assembly before the end of June. However, to make this possible, the continuity of the operation must be ensured. Which requires a recapitalisation: without it, "The world" would be in cessation of payments as early as July, in view of its deadlines for cash. "The Board of Auditors should be able to certify on 14 June, even with reservations, if firm offers have been filed", analysis a record player.

In the meantime, the Pigasse-Bergé-Niel trio is willing to submit its offer from today or tomorrow. It completes its financial terms (between 80 and 100 million euros, or even more) and is in final phase of negotiations on statutory rights will be granted to Mrs. Or at the "pole of independence" made up to this day to internal shareholders (SRM, other companies in personnel, Association Hubert-Beuve-Méry) and society of readers (SDL). The SRM should be given a right of pre-emption in case of change of shareholder: in other words, it will have to find itself a buyer in the event of refusal of a new shareholder. The negotiations are more complex on the right to look that the SRM wishes to retain on the President of the Executive Board.

Claude Perdriel is, in turn, to work seriously on the folder. He has had a few days of actual hesitation at the beginning of last week, after having found that the effort required to deliver "The world" afloat and repay its debts would be not 50, but rather of 80 to 120 million euros. Because of the problems encountered by the printing press and restructuring to make: he believed that the Group should even break a hundred people in three years, while the last social plan was already translated by 130 departures, including 70 journalists. In any case, these staff reductions would be facilitated by the assignment clause that will not fail to be opened if "The world" has a new majority shareholder. This device allows journalists to leave with substantial benefits. But Claude Perdriel also considers that sacrifices in terms of wages and holidays will be necessary. He finally decided to submit an offer, but by partnering with an offeror, him leaving the majority and the operational direction. He is currently in discussions very advanced with an investor who would be the Prisa ("El Pais") Spanish media group nor the Swiss Ringier ("the times"), with whom he had contact these days. He was attached to the independence of the daily evening and must meet the SRM tomorrow to discuss.

The other candidates remain for the moment a wide discretion, including to the actors in the folder. Ringier, the Council met Friday to this subject, continues "to study the dossier" extensively, but was "not taken decision at this stage." Espresso of Carlo De Benedetti has finally acknowledged to AFP watch folder. Representatives of the Milan-based group will receive the direction of the "world" this week, but talks with the RS are not very advanced. Finally, Prisa, always very occupied to its own recapitalisation by the American Liberty Fund, is no longer very active on the subject. For some, apparently even abandoned.