Business press L' agefi is printed on pink paper. Whether the future of the paper is just as rosy is currently in the hands of a major bank.
Crédit Suisse is examining "various development options" for the newspaper. These include the sale of the group. The western Swiss business title L'agefi undoubtedly catches the eye. With its salmon pink color, the daily newspaper, which is independent of large press groups, signals that it belongs to the financial trade press. It maintains a decidedly liberal economic line and thus emphasizes the difference to its competitors, the national Edipresse paper Le Temps and its well-developed business section. However, it really made a name for itself last year with the purchase of the private hospital group Genolier Swiss Medical Network (GSMN) in western Switzerland. The small press company (see box) bought the huge GSMN private hospital group. In reality, the Agefi Group, which is listed on the stock exchange, simply allowed the hospital group to go public on favorable terms by forming a holding company. The deal caused financial specialists to shake their heads, as there are no obvious synergies between the media and healthcare sectors.
Nevertheless, the odd couple under the umbrella of a holding company called Agen (a merger of Agefi and Genolier) attracted the interest of Anglo-American investment funds. At the end of 2007, the Lincoln Vale fund increased its shareholding to 5.49 percent of the capital, while Schroders London announced an increase in its stake to 4.27 percent. The funds are likely to be primarily interested in the Group's healthcare sector, as private hospitals and not press products are currently seen as a growth market. However, Agen Holding has managed to bring prestigious and influential personalities into the management team. For example, CVP politician Raymond Loretan, former Consul General of Switzerland in New York, has been appointed Chairman of the Board of Directors.
This year, the newspaper broke even for the first time since 2002, but compared to the healthcare sector, it appears to be a "parent pauvre", a poor relative: The holding company achieved a turnover of 130 million in 2007, i.e. ten times more than the press division on its own. No wonder the holding company's Board of Directors decided at the end of April to "concentrate the company's efforts on the healthcare sector in future". In other words: L'agefi is up for sale to the highest bidder.
However, they do not want to be so open about it. The fate of the press division will be placed in the hands of Crédit Suisse, according to the holding company. The bank is to examine various options, ranging from maintaining the status quo to opening up the capital to new strategic shareholders and selling the press division. The option of a complete or partial sale to the management is also being examined.
As L'agefi is the only daily newspaper in French-speaking Switzerland that specializes in economic issues, a merger with a Swiss-German press publication such as Finanz und Wirtschaft and its parent company Tamedia, which is striving for expansion, would be a logical step. A merger with a French investor does not seem out of the question either, nor does a straight sale to any group willing to put enough money on the table. The worst-case scenario is a sale to Edipresse. In this case, the days of the small but annoying competitor of the noble paper Le Temps would probably be numbered. However, Edipresse is under constant scrutiny by the Competition Commission due to its dominant market position in French-speaking Switzerland.
"It's logical to look for new shareholders who understand media," says an insider who wants to believe in the survival and development of the newspaper. At least for the time it takes to "decorate the bride". However, those responsible are keeping mum: "The Board of Directors will find an optimal solution that secures the future of the newspaper," says publishing director Eric Valette, practising diplomacy. The Chairman of the Board of Directors, Raymond Loretan, is equally reluctant to reveal his cards. "L'agefi is in a good position, we don't need to hurry with our decision on its future," he says, adding: "All options are open."
Helen Brügger
The Agefi GroupTo the Agefi Group
includes the financial and economic daily newspaper L'agefi (abbreviation of agence économique et financière) with a circulation of 9,695 copies. There is also the periodical supplement Agefi Magazine with a circulation of 17,000 copies, which focuses on small and medium-sized companies, as well as the periodical supplement Evasion with lifestyle topics and a circulation of 39,000 copies. The women's magazine Profil, which was founded ten years ago by the current Agefi publishing director Eric Valette under the name Profil Femme, joined the Agefi Group through an acquisition with a circulation of 24,500 copies. Evasion is to be further developed in future as a male counterpart to Profil and will be available at newsstands. (All circulation figures according to Mediaprint, not Wemf-verified). (hb)