Nov 5, 2007
French business paper Les Echos sold by British owner
Nov 5, 2007
LONDON, Nov 5, 2007 (AFP) - British media group Pearson said Monday, November 5th it had concluded the sale of one of France's leading daily business newspapers, Les Echos, to French luxury goods empire LVMH.
Newspapers Les Echos - Photo : AFP
LVMH is to pay 240 million euros (350 million dollars) in cash for the paper, the company announced after more than four months of negotiations.
Worker representatives had attempted to block the sale through legal action in a Paris civil court on the ground that they had not been given sufficient time to examine the matter. Their case was thrown out on Monday.
Pearson is the owner of The Financial Times business daily and has other publishing operations, including Penguin books.
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