(Adds background, context)
Dec 8 The publisher of the Daily Mail said on
Thursday it would reduce its holding in Euromoney Institutional
Investor Plc to about 49 percent from about 67 percent
to improve its investment portfolio and lower its debt.
Daily Mail and General Trust Plc (DMGT) said it
plans to sell about 32 million shares in Euromoney, publisher of
the Euromoney magazine, via a secondary placing and a buyback of
shares by Euromoney.
DMGT reported an 11 percent drop in its adjusted operating
profit for the year to end-September, partially hurt by a 4
percent fall in Euromoney revenue on an underlying basis.
If the sale is approved by shareholders, Euromoney will
cease to be a subsidiary of DMGT.
Lazard & Co is the financial adviser to DMGT, while Numis
Securities and UBS are the joint bookrunners for the stake sale.
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by