The World: Munich - Axel Springer pulls out of x3.5bn ProSieben takeover

The German newspaper publisher Axel Springer has abandoned its plans to sell off the ProSieben television channel to save its proposed x3.5 billion takeover of Germany's largest broadcasting group, ProSiebenSat1.

Springer made the offer this week to appease concerns raised by two German regulators about the dominant position the company would have in the market if the proposed acquisition went through.

The Bundeskartellamt (the Federal Cartel Office), said it would only approve the move if ProSieben was sold to an independent third party and if ad sales for the channel were moved out of its sales house, SevenOne Media.