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Wendel takeover of Editis, since sold to Planeta, ruled illegal
15.09.10 | Philip Jones
A European court has ruled that French investment group Wendel's acquisiton of two-thirds of the Editis group should not have been allowed, some six years after the deal went ahead.
The case dates to 2003 when Hachette rescued Editis from the Vivendi ashes, only for the European Commission to order Hachette—France's largest publisher—to offload 60% of the business it had bought. Nine months later Wendel bought the business off Hachette, before selling it to Spanish group Planeta in 2008.
The court concluded that the report assessing Wendel as a prospective purchaser was drawn up by a trustee who did not satisfy the required condition of independence. The European Commission will now have to decide what to do about the case, Reuters concludes.