9 are not necessarily agree among themselves for the moment

It is a real earthquake coming for "The world": investors who are considering to participate in its recapitalisation would control, causing "the dilution of the historical shareholders, which would become minority." The leadership of the Group confirmed Friday evening, in a press release sent to the outcome of the Supervisory Board. No name is cited, but is known to be the main investor in discussion group in Spanish media Prisa, which already owns 15. Its President, José Luis Cebrian, confirmed his interest in a rise in our columns. One or the other have not been disclosed, but the Italian L'Espresso group, including publishes "La Repubblica", revealed by "The correspondence of the press", could be among them despite his denial to the "echo" there are ten days: according to some sources, the members of the De Benedetti family, who control 53.9, are not necessarily agree among themselves for the moment.

Emoi internally

The operation causes in any case a stir internally, because it compromises the governance built in 1994 to preserve the economic independence and editorial of the newspaper the evening and other securities of the Group ("Télérama", "International mail", etc.). Entries of the historical shareholders had been housed in the world and partners partners (LMPA), holding that controls the operational company the world her with 60.4 of the capital (see diagram). And SRM (society of editors of the "world"), which owns the blocking minority, had been 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 LMPA. However the new investors would be at the level of the world, diluent LMPA, which could fall to 30, according to our information, and the other shareholders as Lagardère (17,27). World SA would therefore become operational power, instead of LMPA centre today.

The press release says that governance will be built "to ensure the editorial independence of the titles, through rights preferential sanctuarisés". But the guarantees proposed for the time being to the SRM seemed totally inadequate (see interview below).

The recapitalisation of the world, which should be focused on some 50 million euros, is planned for March, 2009, when the Group has contracted a loan of EUR 25 million over two years, BNP Paribas and Natixis. The operation will also allow to repay the ORA (bonds repayable in shares for EUR 70 million), so that the new investor is not threatened by a takeover by the holders of these titles (including BNP Paribas, Stampa, Publicis) that could expire in 2012 and 2014, transforming their obligations into actions. The schema should be sealed off in the next few weeks to be put to the vote of the shareholders of here at the end of June.

The Supervisory Board also reviewed the accounts 2009 group, which reached a result of positive operation of EUR 2.2 million (with a turnover of 390 million), but a net loss of EUR 25.2 million. Finally, he noted the progress of discussions with a Spanish operator, "associated with a significant French financial investor", for controlling entry to the capital of the world printing. The name of the Imcodavilla group, put forward by "The letter Expansion", has not been confirmed.