Mecom expected to decide on sale of Norwegian division today
Mecom: no quick fix for Edda Media divestment

Mecom: no news is bad news

All quiet from the Mecom camp, should there not be an RNS due today to clarify the situation??

The sentiment is taken from this share discussion for Mecom Grp (MEC.L) where commenters, presumbaly shareholders, are getting desperate for an update from Mecom on what's happening. So 'desperate' they turned to Google-translating Norwegian news articles, such as Journalisten's, yesterday, to find out what happened at yesterday's board meeting.

As I mentioned in the last update on my post from yesterday: it seems not much happened in regard to Edda Media, and Truls Velgaard, the current day-to-day boss of the Norwegian newspaper group, who attended the boardmeeting, later told employee reps that no decision was made about Edda's ownership structure. If you haven't followed the bidding process for Edda and that wording sounds less than straightforward, it's not: Mecom has actively explored ways of entering into a bigger parnertship or coalition in Norway, thereby increasing its assets, either in cash or holdings, while still retaining a stake in its Norwegian operation.

Update 15:54 CET: Employee representatives in Edda Media hope to get some answers from the management in a scheduled meeting in Amsterdam tomorrow, though Edda's future is not on the agenda. There's frustration among employee and union reps, some of whom desperately wanted a new owner for Christmas.

One commenter on the aforementioned chat board asked why Norwegian employees were so eager to leave Mecom. The short answer is that they were never eager to join. In some respects, this whole situation is a re-run of the drawn out process leading up to Orkla selling to Mecom in 2006: ironically, apart from Orkla, even the players are the same - A-pressen and Dagbladet's owners (Berner Gruppen) are the strongest prospective buyers now and were Mecom's strongest competitors back then.


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