Goldman Sachs intends to sell its stake in Argentina’s Multimedia Group Clarin, according to an announcement by the New York headquarted financial institution. Grupo Clarin is Argentina’s largest media group. It’s interests include the Clarin newspaper, Argentina’s largest newspaper, as well as major digital, cable and printing businesses. Clarin is a part of PAL, “Periódicos Asociados Latinoamericanos”.
Goldman Sachs bought shares in Grupo Clarin, 13 years ago and announced it intends to sell 11 million GDS (Global Depository Receipt shares) at US $6.8 per share for a total amount of $75 million.
Majority shareholders of Grupo Clarin can exercise their right of first refusal to buy the shares for the next 28 days.Currently, the majority of Grupo Clarin’s shares are owned by Ernestina Herrera de Noble, Héctor Horacio Magnetto, José Antonio Aranda y Lucio Rafael Pagliaro, through a firm called GC Dominio S.A., which holds 70.99% of total shares. Another 9.11% is in the hands of Goldman Sachs controlled investments funds and 19.9% is floating.
