The agreement with Express Zeitung AG entered into on March 21 this year covering the sale of 20minuten (Schweiz) AG was closed today. The agreement entails a sale in three steps, with 49.5% sold in the first step, 25.25% in the second step, and 25.25% in the third and final step. The price of step 2 and 3 will depend on the performance of 20minuten (Schweiz) AG during the years 2005 and 2006 respectively.
In the agreement Express Zeitung was assumed to be owned by tamedia AG (82.5%) and Berner Zeitung AG (17.5%). The Swiss competition authority (WEKO) has approved the participation of tamedia and is still reviewing the participation of Berner Zeitung. The outcome of this revision will not influence the agreement.
Contact person: Sverre Munck, telephone +47 9168 6699
Oslo, 9 October 2003
Gisle Glück Evensen