Axel Springer, Swiss Ringier withdraw request of antitrust approval for combining activities of companies in Hungary, citing procedural reasons

BERLIN , May 9, 2011 (press release) – Both shareholders of Ringier Axel Springer Media AG – German Axel Springer AG and Swiss Ringier AG – withdrew their request of antitrust approval for combining the activities of both companies in Hungary. The withdrawal of the request has procedural reasons. The newly formed Hungarian Media Council recently gave a negative statement regarding the merger, which is binding for the antitrust authority.

The combination of activities in Hungary is still planned by both companies. They will decide in due time and after having thoroughly inquired into all options of action, if, and in what way a new request for a modified merger will be filed.

For Ringier Axel Springer Media AG, which is active in Poland, Slovakia, the Czech Republic and Serbia since July 2010, the withdrawal of the request for a merger in Hungary has no changes. The company will continue unchanged its clear growth course towards digitalization on the base of its strong core brands.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.