European newspaper group Mecom has abandoned plans to sell its 51 per cent stake in Polish newspaper group Presspublica.
The group said today it had terminated all sale discussions because the offers did not come close to reflecting the value of the titles.
“Mecom has agreed with the 49 per cent shareholder, PWR, that any future approach by a third party will be considered jointly by the Presspublica shareholders while preserving the individual rights of each,” the company said.
“Mecom views as unlikely any bid approach in the current circumstances.
“Therefore Mecom commits to being a long term shareholder in the development of Presspublica and has agreed to work with PWR energetically towards securing the business for the future.”