Business News
Axel Springer and PubliGroupe create optimal conditions for the further development of ZANOX.de AG and adjust shareholding percentages
Monday 09. March 2009 - Axel Springer AG, Berlin, and PubliGroupe Ltd., Lausanne, have agreed to continue operating the online marketing services provider ZANOX.de AG as a single company.
Thus, both partners have decided to dispense with the original plan of creating two entities that could be consolidated by each partner on a majority basis. By means of this step, the partners are pursuing the goal of creating optimal conditions for the further development of the fast-growing, internationally successful online service provider zanox.
As a result of this decision, the shareholding percentages in ZANOX.de AG will be adjusted to reflect the economic effects of the originally planned structure. In the future, Axel Springer will hold 52.5 percent of zanox (formerly 60 percent), while PubliGroupe will hold 47.5 percent (formerly 40 percent).
PubliGroupe and Axel Springer jointly purchased Berlin-based ZANOX.de AG, one of the leading providers of performance-based online marketing services, in July 2007. Since that time, zanox has performed very well, growing faster than leading competitors and systematically expanding its business in key growth regions. zanox’s transaction-oriented business model has been proven successful even amid an economically difficult environment.
At the original acquisition date, Axel Springer and PubliGroupe agreed to create a cross-holding structure with two regional zanox subsidiaries, such that each partner would be able to fully consolidate one of the two companies. After examining this model in more detail and considering the very positive results achieved to date under the current structure, the two partners decided to dispense with the original plan of creating the planned business units, preferring instead to continue managing zanox on a joint basis. Axel Springer and PubliGroupe believe that zanox can better exploit the growth opportunities available at the present time as a single company under joint management.
The partnership of Axel Springer and PubliGroupe will be reflected in specific participation rights on the part of PubliGroupe and in the composition of the Supervisory Board, where each partner will be represented by three board members.