Reuters: Private Equity: Italy's RCS to receive Flammarion binding bids -report

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Italy's RCS to receive Flammarion binding bids -report Apr 30th 2012, 06:24 PARIS, April 30 | Mon Apr 30, 2012 2:24am EDT PARIS, April 30 (Reuters) - The sale of France's Flammarion, owned by Italian publisher RCS MediaGroup (RCSM.MI), will soon enter the second round with bids expected at around 300 million euros, French newspaper Les Echos reported on Monday without citing sources. Offers on the French book publisher are due Wednesday, the paper said. The company expects around five binding bids most notably from competitors Albin Michel and Actes Sud, which have teamed up with private equity firm Chequers Capital. RCS, which publishes Italian daily newspaper Corriere della Sera, posted a 322 million euro loss in 2011, mainly due to a writedown of an acquisition in Spain. (Reporting by Nina Sovich; Editing by Helen Massy-Beresford)

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