Axel Springer proposes dividend cut to 1.16 euros per share

FRANKFURT (Reuters) – Axel Springer (SPRGn.DE) is proposing to cut its dividend for 2019 to 1.16 euros a share, down from 2.10 euros a share in 2018, documents which accompany Springer’s proposed delisting showed on Friday.

A spokesman for Axel Springer said the lower dividend would free up cash which can be invested into growth instead.

Last month the German media company, which publishes Germany’s Bild newspaper, said it planned to delist from the Frankfurt Stock Exchange as part of a 63 euros per share takeover by U.S. private equity investor KKR.

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