The World: Paris - Berlusconi's Mondadori close to buying Emap France

The Italian media empire Mondadori is close to buying the French arm of Emap's publishing business.

Citigroup and BNP Paribas, the two investment banks handling the sale, have granted a period of exclusivity to Mondadori to come to an agreement.

The deal could be worth as much as EUR570 million, with proceeds going to Emap shareholders.

Mondadori is owned by the former Italian prime minister Silvio Berlusconi.

The company has a 50 per cent stake in the Italian divisions of Gruner & Jahr, Hearst and Rodale.

Emap announced plans to sell its French business in February after failing to turn around its ailing TV listings titles Tele Star and Tele Poche.

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