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Editions Gallimard is now the sole remaining candidate to take over Flammarion from RCS Mediagroup, after raising its bid, the French economic daily Les Echos has reported.
The other contender, the Albin Michel-Chequers Capital partnership has withdrawn after refusing to put more cash on the table. The Italian group has lowered the target sale price from €300m to €250m, the newspaper said on its website. Both candidates were understood to have offered about €200m.
The board of the heavily-indebted RCS Mediagroup is expected to meet on Friday (25th May) to decide whether to sell or not. Several members are said to oppose the idea of shedding the French subsidiary.