Court Spikes Leo Kirch’s Guns, Bars Sale of Springer Shares

05 September 2002

Axel Springer, Europe’s largest newspaper publisher, has been granted an injunction by a German court that freezes any move by bankrupt KirchMedia to sell its 40% stake in Springer, valued at around €1 billion ($0.99bn; £0.63bn).

Hamburg-headquartered Springer fears the Kirch holding will be sold to German regional publisher WAZ Gruppe, thought to be mulling a hostile takeover.

Fallen media tycoon Leo Kirch (75) is reportedly eager to avenge himself on Springer, whose decision to activate its €767m KirchMedia put option allegedly hammered the final nail into the coffin of the Kirch empire.

Data sourced from: Times Online (UK); additional content by WARC staff