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MTG moves forward with CDON demerger

Nordic media company Modern Times Group’s (MTG) board has said it will propose to an extraordinary general meeting of shareholders to distribute shares in its CDON subsidiary to all MTG shareholders before the end of the year.

Subject to the approval of the distribution by the EGM, MTG intends to submit an application to Nasdaq OMX Stockholm for the listing of CDON Group’s shares on the stock exchange as the first stage in the demerger of the group. CDON Group comprises all of MTG’s internet retailing operations and is expected to be spun-off from MTG by means of the demerger and distribution of CDON Group shares to MTG shareholders in the fourth quarter of 2010.