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PRISA expresses an interest in increasing its stake in french daily paper Le Monde

21-06-2010

PRISA, which currently holds a 15% stake in Le Monde, has expressed an interest in participating in the recapitalization process launched by the French daily newspaper, and has thus today presented a joint bid in conjunction with a consortium of companies composed of Le Nouvel Observateur and France Telecom. This offer is subject to several conditions and, if accepted, the parties will subsequently seek a shareholders' agreement for the management of Le Monde Group.

PRISA has had an interest in the French paper since the very founding of El País: indeed, Le Monde was taken as a model for the creation of El País, a newspaper committed to the defense of freedom and democracy. In October 2005, PRISA took a 15% stake in Le Monde and, since the French daily began to experience financial difficulties, PRISA has sought to participate actively in seeking out solutions, such as a change in management models. With this new capital structure Le Monde will be in a better position to face the recapitalization process as well as the necessary changes in its management model that will ensure its survival.

Nicolas Berggruen, co-founder of Liberty, has given his support to the operation even as PRISA completes its own process of recapitalization, commenting that: "As a Parisian by birth, I grew up reading Le Monde, the newspaper that my parents brought home every day; as well as being a great newspaper and, despite the financial difficulties that lie ahead, it is also a beacon for those who prize progress, democracy and freedom. I am confident that an alliance between Le Nouvel Observateur, Le Monde and El País will greatly foster the creation of European public opinion, more necessary today than ever before. PRISA can count on my financial support for the operation, while it completes its own recapitalization process".

Nicolas Berggruen is the president and founder of Berggruen Holdings, an investment company with operations in U.S, Europe and Asia, focused on creating long term value. In addition, Berggruen is committed to leaving an important legacy of art and architecture, as well as fostering intellectual thought through the Nicolas Berggruen Institute and through socially and culturally driven investments.

Berggruen was born in Paris, where he studied at l'Ecole Alsacienne before attending Le Rosey in Switzerland. Mr. Berggruen obtained a Bachelor of Science in Finance and International Business from New York University in 1981. He is a member of the Young Presidents' Organization and the Pacific Council on International Policy.  He also sits on the boards of Museum Berggruen, Berlin, the Los Angeles County Museum of Art, and is a member of the International Council for the Tate Museum in London.

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