Axel Springer and Publigroupe continue to run Zanox together
Axel Springer and Publigroupe have agreed to continue operating the online marketing service provider Zanox.de as a joint, unified venture. As a result of this decision, the ownership structure will be adjusted.
Axel Springer and Publigroupe have agreed to continue to manage the online marketing service provider Zanox.de as a joint, uniform holding. This decision will result in an adjustment of the ownership structure: Axel Springer will relinquish 7.5 percent of its shares and will hold 52.5 percent in future, while Publigroupe will now have a 47.5 percent stake.
The shareholders, who jointly acquired Zanox in July 2007, are thus abandoning the originally planned formation of a structure with two regional subsidiaries with mutual 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 the formation of the planned business units should be abandoned and Zanox should continue to develop as a partnership.
The shareholders, who jointly acquired Zanox in July 2007, are thus abandoning the originally planned formation of a structure with two regional subsidiaries with mutual 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 the formation of the planned business units should be abandoned and Zanox should continue to develop as a partnership.
