Speculation is rampant that the auction of Forbes Media has hit a bump and that the one-time front runner, China’s Fosun International, has dropped out, reports Keith Kelly of the New York Post.
Kelly writes, “Fosun did not return an e-mail on Monday seeking comment. If Fosun has dropped out of the bidding, it’s unclear who is in the lead for Forbes.
“One source said it could be Spice Global, the Singapore-based investment vehicle run by wealthy India-born businessman Bhupendra Kumar ‘B.K.’ Modi.
“Another speculated that Axel Springer Group, the German media giant that has a licensing deal for the Russian edition of Forbes, could be in the hunt. Both Spice and Axel Springer were identified as early suitors along with Fosun and an internal management group.
“Modi’s own business empire was built on joint ventures with multinationals such as Xerox, Alcatel and Olivetti.”
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