Kirch asks for $348 mil for Tele Munchen stake
BERLIN — The fracas between the Kirch Group and mini-mogul Herbert Kloiber’s Tele Munchen has entered a new round.
The latest fallout comes in the wake of German kidvidder EM.TV’s moves to sell its 45% stake in Tele Munchen. Sale is necessary to satisfy antitrust watchdogs worried by Kirch’s acquisition of a stake in EM.TV, and with it Formula One motor racing.
Attempting to move the sale forward, EM.TV chief Thomas Haffa has reportedly sent Kloiber a letter, intended for the German cartel authorities, with details of five parties interested in buying the stake.
Kloiber, who has to sign off on the sale, said he had no knowledge of any buyers and doesn’t intend to buy himself.
Kirch is asking for the $348 million that EM.TV paid for the share. Kloiber, who says the value has dropped and that other factors have to be taken into account, has reportedly offered $130 million.
EM.TV has employed Dresdner Kleinwort Wasserstein to look for potential buyers.
Last week it emerged that Kloiber had filed a complaint with German authorities over Kirch’s plans to buy the Formula One stake, asserting that antitrust laws do not allow a company to own rights to all major sports events.