Emap Sells Consumer Units for 1.14 Billion Pounds
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Emap Plc, the U.K. publisher of Grazia and Heat magazines, agreed to sell its consumer magazine and radio units to Germany's Heinrich Bauer Verlag KG for 1.14 billion pounds ($2.3 billion).
Emap fell the most in more than a year in London trading after failing to sell its business-to-business unit. The London- based company will return about 1 billion pounds, or 460 pence per share, of the sale proceeds to shareholders, Emap said in a statement today. The method and timing of the return will be announced in ``due course.''