Top of the week: Axel Springer and Publigroupe continue to run Zanox together

Axel Springer and Publigroupe have agreed to continue to manage the online marketing service provider Zanox.de as a joint holding. This will result in an adjustment of the ownership structure: Axel Springer is relinquishing 7.5 percent of its shares and will hold 52.5 percent in future, while Publigroupe now has a 47.5 percent stake. The shareholders are thus abandoning the originally planned formation of a structure of two regional subsidiaries with reciprocal shareholdings. In future, the partnership will be reflected in Publigroupe's specific participation rights as well as in the composition of the Supervisory Board, on which both shareholders will be represented with three seats each. The previous transaction-oriented business model has proven to be forward-looking in a difficult economic environment, according to a press release issued on Monday. The two shareholders have therefore come to the conclusion that they will not form the planned business units and will continue to develop Zanox as partners.