Haaretz Group reported today that it was issuing 25% of its shares to the publisher M. DuMont Schauberg of Cologne, Germany.
According to Haaretz group, 25% of its shares were allotted to the German investor for €25 million.
Avi Primor, formerly Israel's ambassador to Germany, made the connection between the companies, and he will join Haaretz's board as a representative of DuMont Schauberg.
DuMont Schauberg publishes daily newspapers in the areas of Cologne, Bonn, Dusseldorf and Halle, formerly East Germany. It has recently completed acquisition of controlling interest in "Frankfurter Rundschau," a daily newspaper published in Frankfurt and distributed across Germany.
Haaretz is DuMont's first investment outside of Germany. In addition to newspapers, DuMont also publishes books on various subjects, particularly the arts, and travel guides.
Published by Globes [online], Israel business news - www.globes.co.il - on August 13, 2006
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