Media conglomerate Bertelsmann of Germany is projecting a fund raising value of Eur1.6 billion or US$2.1 billion from the sale of RTL. The proceeds from the sale of the broadcaster would be to fund its growth in the next year.
The range of the sale per share is at Eur54 and Eur62 for the secondary public offering with a volume of 23.2 million RTL shares. There is also an optional sale of 2.3 million shares depending on the market response to the offer, as announced by RTL prior to its annual shareholder's meeting to be held on Wednesday.
With the sale, there is an increase in the proportion of freely traded RTL stocks to just about 24% of the total volume. This would cut Bertelsmann's shareholdings from 92.3% to just 76%.
Bertelsmann has already announced that it would be undertaking major acquisitions and also forge strategic partnerships in order to accelerate its growth in both local and international markets.
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