New Board Members for 20 Minuten (Schweiz) AG

Several "major Swiss publishing houses" wanted to take a stake in 20 Minuten (Schweiz) AG.This was confirmed by Chris Tanner, co-owner of A&A Actienbank, which holds a stake in 20 Minuten (Schweiz) AG via 20 Minuten Holding. "We don't simply reject such requests, but we don't need money," Tanner added. Participations were possible, but it depended on "whether we achieve a better strategic position with them." For the time being, the company wanted to conclude talks with another investor. For example, the British investment group Apax Europa will take a 50 million euro stake in 20 Minuten Holding. The existing shareholders, Actienbank and the Norwegian publishing house Schibsted, will also increase their stakes by five million and 22 million euros respectively. The holding company will use the additional 77 million euros to expand primarily in Germany, Italy and Spain. Schibsted will now hold 41.3 percent, Apax 27.8 percent, A&A 29.1 percent and the management 1.8 percent of the holding company. This will also change the composition of the BoD. According to Tanner, A&A will delegate two people to the holding company's board of directors, where they will form a majority with Apax. However, due to a shareholders' agreement, all important decisions must be made unanimously. Ekkehard Kuppel of McKinsey was appointed as the new CEO of the holding company. There will also be changes on the board of 20 Minuten (Schweiz) AG. (mk)