FRANKFURT: German media giant Bertelsmann said Thursday it will cut its stake in television and broadcasting giant RTL by selling shares on the stock exchange.
"Bertelsmann confirms its intention to reduce its shareholding in RTL Group by way of a secondary public offering," the German group said in a statement.
"The transaction would result in a significant increase of the free float in RTL Group shares, with Bertelsmann maintaining a qualified majority of at least 75 percent."
Bertelsmann currently holds a stake of 92.3 percent in RTL, with 7.7 percent in free float.
The shares would be offered "to private and institutional investors in Germany and Luxembourg through a public offering," the statement said.
"Outside of these countries, it is intended to offer shares to institutional investors via private placements."
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