Metro to consolidate financial interest in Mexican joint venture
(Thomson Reuters ONE) -
Metro International S.A. ("Metro"), the international newspaper group, today
announced that its offer to acquire additional interest in the Mexican joint
venture Publicaciones Metropolitanas S.A de C.V ("Publimetro Mexico") has been
accepted. Metro will acquire a minimum of 15 percent of the total equity of
Publimetro Mexico from Inmobiliaria Torraco, S.A. de C.V. ("Torraco
Investments"), who holds 23.54 percent participation valued at US$ 5.15 million
(?4 million). Based on the current agreement, the third partner of Publimetro
Mexico has pre-emptive right to acquire the remaining 8.54 percent of Torraco
Investments, or else Metro will acquire the full 23.54 percent. The legal
procedures in connection with the offer will be completed once Publimetro Mexico
allocates Metro the relevant interests.
Publimetro Mexico recorded sales of ?7.8 million in 2009, with high growth rates
(50 percent in Q1) expected to continue in the coming years. The operation
showed profitability in its second year after launch in 2007 with EBIT margins
between 15-20 percent. With 180,000 daily copies in Mexico City and Monterrey,
Publimetro is the biggest newspaper in the two largest cities in the country.
Mexico is the second largest advertising market in the Latin American region and
is forecasted by ZenithOptimedia (Mar-2010) to grow by 10 percent annually in
real terms in the next two years.
Per Mikael Jensen, President and CEO of Metro International commented:
"Publimetro Mexico is a success story and has achieved a strong position in a
competitive market. One of the main reasons for the big success is the strong
leadership of Antonio Torrado, the Managing Director and controlling shareholder
of Torraco Investments, from whom we are acquiring the shares in Publimetro
Mexico. Antonio has from the first day been a very strong entrepreneur of this
business and we are grateful for his hard work and dedication."
Pablo Mazzei, EVP for Latin America of Metro International added: "Consistent
with our group strategy, we intend to continue to expand our presence in Latin
America. Mexico is a key market in the region and Metro will leverage on the
stronger position in Mexico by strengthening the ability of providing clients
and agencies the best possible advertising solutions and services on a
pan-regional basis. We are also encouraged to see the development of new
business projects in Mexico in the last year, offering alternative revenue
streams. One example is the free sports newspaper, Publisport, which was
launched earlier this year with a circulation of 40,000 bi-weekly copies. We see
significant potential for growing the business further."
For further information, please visit www.metro.lu, or contact:
Per Mikael Jensen, President and CEO Tel: +46 8 120 570 00
Pablo Mazzei, EVP Latin America Tel: +56 9 9 158 0700
Linda Fors, Head of Investor Relations Tel: +46 704 15 95 30
***
ABOUT METRO INTERNATIONAL AND METRO
Metro is the largest international newspaper in the world. Metro is published
in over 100 major cities in 19 countries across Europe, North & South America
and Asia. Metro has a unique global reach - attracting a young, active,
well-educated Metropolitan audience of 17 million daily readers.
Metro International S.A. shares are listed on Nasdaq OMX Stockholm through
Swedish Depository Receipts of series A and series B under the symbols MTROA and
MTROB
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Source: Metro International via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 12.07.2010 - 08:04 Uhr
Sprache: Deutsch
News-ID 23744
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