The world is no longer a newspaper of journalists

"The world" yesterday took a historic step by changing official owners. The trio formed by Pierre Bergé, Xavier Niel and Matthieu Pigasse took control of the newspaper and its subsidiaries ("Télérama", "International mail", "The life"), with EUR 110 million. Its historical shareholders have formally agreed to be diluted and SRM (society of editors of the world) is no longer the reference shareholder of the group. "The world" is no longer a "newspaper of journalists".

The "closing" of the operation, announced long does however not went as smoothly as expected. Because the Group Prisa, minority shareholder in the group with 15, renounced without conditions to the shareholders Pact in 2005. Under this Covenant, the Spanish had the power to block the operation and used it to negotiate the terms of its maintenance in the tour de table ("Les Echos" of yesterday). It had such a right of output at a price of EUR 30 million, while its 15 are today valued less than 3.5 million euros.

Started several days ago, the discussions between lawyers ended yesterday in extremis, in the afternoon. Prisa has obtained its participation, with 5 per cent after the recapitalisation, be exchanged against a share "of the order of 20 " in the holding company of the purchasers, named the free world. To achieve this percentage, the Spanish group will complement the contribution of its 5 by EUR 8 million in cash. Finally, he gave to veto rights it claimed on the budget, the President of the Executive Board and the Director of the daily.

The shadow of Alain Minc

These requests were considered prohibitive, particularly by Mrs and other historical shareholders, who believed disproportionate with regard to its future participation in the group. The fact that they have been made at the last minute was also poorly perceived. "Prisa engaged in unacceptable blackmail", and considers a member of the pole of independence, the structure which now includes the historic shareholders, namely the SRM, the SCPVC (civil society of the Catholic life personal) or SDL (society of readers). Some saw in these negotiations the shadow of Alain Minc, former Chairman of the Supervisory Board of "world" ousted in 2008, which is also very close to Prisa. The Spanish group had been associated with a competing offer, ousted in June.

The agreement finally reached with Prisa allowed the holding of general meetings in the late afternoon, which endorsed the new shareholders of the group. The free world therefore now holds 59 of the world, a participation which will be 64 after the contribution of 5 of the Prisa. The holding company also bought the shares of the Lagardère Group, which owned 17.3, to EUR 3.8 million.

Finally, the pole of independence has 34, the blocking minority, a donation of 10 million euros of Pierre Bergé.

As expected, three investors brought additional EUR 100 million: 30 million was allocated to the capital increase, 32 million have been made in current account, and 35 million will be used to redeem the ORA (redeemable bonds to stocks) to 50 of their value, before you convert them into shares. In total, 92 of the holders of ORA eventually agreed to surrender their titles with this haircut.

It now expected to know the new strategic directions "world". The purchasers undertook to maintain the current management structure. Remains whether if they adouberont they will be proposed.