Daily Mail and General Trust has announced this morning that it is “reviewing options” for its holding in the owner of Euromoney magazine.
The owner of the Mail and Metro titles said it has not yet entered discussions to sell its stake in Euromoney Institutional Investor, despite a Sunday Times article claiming DMGT is looking for a £750m cash return.
The group announced it had reduced its holding in Euromoney to around 49 per cent in December 2016 after a sale of 32m ordinary shares in the FTSE 250 firm.
In a market statement on “media speculation”, DMGT said: “DMGT notes recent media speculation that it is considering strategic options in respect of its holding in Euromoney and confirms that it is reviewing options for its holding, consistent with its stated strategy of increasing portfolio focus.
“DMGT confirms that it has not received any proposal nor is it in discussions with any party to acquire its holding in Euromoney. DMGT will make a further announcement if it becomes relevant and appropriate.”
DMGT has held a stake in Euromoney for the last 50 years, dating back to the business and finance publisher’s creation in 1969.
The Mail owner’s review of its stake in Euromoney comes after it reported an operating profit of £182m profit after tax in its latest annual report.
The share price of Euromoney has risen from £12.86 to £12.98 following the announcement from DMGT this morning.
Picture: Reuters/Toby Melville