Daily Mail & General Trust PLC (LON:DMGT) has confirmed it is reviewing its options in respect of its remaining holding in financial magazine publisher Euromoney PLC (LON:ERM), a move consistent with its stated strategy of increasing portfolio focus.
Over the weekend, The Sunday Times reported that the Daily Mail owner was considering offloading its 49% stake in Euromoney in a move that would help to fund a ££750mln special cash return to shareholders.
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The Sunday Times cited a source close to the situation as saying that the holding had become "non-core" and was under review.
In a brief statement responding to the speculation, DMGT said it has not received any proposal nor is it in discussions with any party to acquire its holding in Euromoney.
The group said it will make a further announcement if it becomes relevant and appropriate.
DMGT cut its stake in Euromoney to 49% from 67% in December 2017 after selling around 32.3mln Euromoney shares at 975p each raising gross proceeds of around £315mln.
In morning trading on Monday, Euromoney shares were trading at 1,292p each, down 0.5% on Friday’s close. DMGT hares were 1.5% higher at 626p.