UK publisher Pearson tees up Economist sale
Britain's Pearson is set to confirm the sale of its 50pc stake in 'The Economist' to Italy's Exor and the Rothschild family for £400m (€600m) as early as this week, two sources close to the matter said yesterday.
It comes just weeks after Pearson's sale of the Financial Times Group to Japan's Nikkei.
Exor, the holding of the Agnelli family, which is best known for its controlling stake in Fiat Chrysler Automobiles, is expected to build a stake of around 40pc in The Economist Group after completion of the deal from 4.72pc now, one of the sources said.
The source said details of the deal were still being finalised, and it could take some time before Exor reaches the 40pc level.
The source added that Exor and the Rothschild family, which currently controls around 21pc of The Economist, were negotiating a governance agreement that would give them equal voting powers as leading shareholders of the group.
The Economist Group includes the highly regarded print and online editions of 'The Economist' magazine, research business the Economist Intelligence Unit and a number of smaller titles and conference businesses. (Reuters)