TF1 bids for Metro France
Metro announced that it has received an offer from its partner in France, TF1, to take control of 100 percent of the shares in Metro France. The offer, which is consistent with the provisions of the existing shareholders’ agreement, is pending on the outcome of the due diligence. The offer is expected to be signed within the coming weeks after consultation with employee representatives.
Metro holds 65.7 percent of the shares in Metro France and the remaining 34.3 percent are held by TF1. Metro was launched in 2002 and is the second largest daily newspaper in France. As a part of the transaction, Metro will continue the franchise agreement with TF1 who will publish the newspaper. TF1 is the largest broadcaster in France and views the transaction as an opportunity to expand its offer of free news and entertainment in all media channels. (Metro Press Release)