Gruner + Jahr withdraws from Reed bidding

LONDON - Gruner + Jahr (G+J) has pulled out of the bidding contest for Reed Elsevier's business-to-business division Reed Business Information, according to reports.

For sale: Reed Business Information titles were put on the market in February this year
For sale: Reed Business Information titles were put on the market in February this year

The decision by the Hamburg-based publisher, majority-owned by Bertelsmann, to walk away from the potential deal valued in the region of £1bn, comes as the global economy continues to be dogged by tough trading conditions.

A Gruner + Jahr spokesman declined to comment and an RBI spokesman was not available.

G+J is one of the biggest international publishers in the world, with more than 90 magazines, a newspaper and 26 websites.

Its decision to pull out of the second round of bids will be a blow to Reed Elsevier, which put its RBI unit, which includes titles Computer Weekly, Farmers Weekly and New Scientist, up for sale in February.

Final bids for TBI are expected to be reviewed at the start of October.