Time Warner issued a statement to the Securities and Exchange Commission saying it expects to take over a first tranche of Bertelsmann's total 49.5% stake in AOL Europe around the turn of the year.
German media giant Bertelsmann AG is now expected by the end of the year to take the first step towards selling its shares in AOL Europe to the latter's U.S. parent, AOL Time Warner. AOL Time Warner said in a statement to the Securities and Exchange Commission that it expects Bertelsmann to sell the first tranche of its 49.5% stake in AOL Europe between Dec.15 and Jan. 15, 2002.
Bertelsmann first announced its plans to sell its full AOL Europe stake to AOL Time Warner in March last year. Analysts expect the transaction to generate proceeds of between $6.75 and $8.25 billion. AOL Time Warner also said in its statement that it currently had the necessary financial resources – in cash, bonds or available credit lines.