Four groups are said to be bidding for Germany’s leading outdoor ad group, Deutsche Staedte-Medien.
DSM is currently the property of 28 German city administrations, but was put up for sale in June. It is expected to fetch up to €400 million ($489m; £281m).
Viacom -- which earlier this week announced it was considering acquisitions in the German outdoor market [WAMN: 10-Dec-03] -- is one of the quartet thought to have submitted takeover bids on Wednesday. The remaining three contenders are said to be Viacom's US rival Clear Channel, German outdoor operator Stroer and a consortium comprising UK investment firm Apax and the ad unit of Deutsche Bahn.
DSM is expected to choose a preferred bidder in the new year.
Data sourced from: Financial Times; additional content by WARC staff