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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BRT Apartments Corp | NYSE:BRT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.04 | -0.22% | 18.48 | 18.76 | 18.3401 | 18.76 | 25,264 | 01:00:00 |
German media group Bertelsmann AG isn't ruling out further acquisitions this year, following the merger between its consumer book division Random House with Penguin, according to an interview with the chief executive published in the daily Sueddeutsche Tuesday.
"I wouldn't rule out one or the other transaction in the second half of the year," Chief Executive Thomas Rabe is quoted as saying.
The company is flush after garnering 1.4 billion euros ($1.82 billion) in gross proceeds from the sale of 25.5 million RTL shares in late April.
"Over the next three years we could invest several billion euros in our core operations as well as in our growth areas, such as music, education and business information," Mr. Rabe says.
Bertelsmann targets annual sales growth of 5% to 7%, and sales are expected to reach EUR18 billion in the coming year, Mr. Rabe says.
"After that we're not far away from EUR20 billion," he notes.
The company is focusing on restructuring its service unit Arvato, but a listing isn't on the cards for now, Mr. Rabe says.
A listing is possible for Penguin Random House, he notes. Bertelsmann has a 53% majority stake in the merged company. There is a clear optional exit clause for Pearson PLC (PSO), the owner of Penguin. Pearson would initially be required to offer Bertelsmann its stake, but Bertelsmann has no obligation to purchase it, he says. If Bertelsmann doesn't buy the stake, Pearson would have the right to demand a listing.
Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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