Bloomberg not for sale

Bloomberg not for sale

Mayor of New York Michael Bloomberg has ruled out a sale of the financial information business that bears his name, despite receiving several bid approaches.

Bloomberg has told ccompany staff that although he has recently been approached by potential buyers he had no intention of selling the company "at this time". But he added that there would be a day when he will sell, but he hoped this would be later rather than sooner.

Founded in 1981, Bloomberg supplies the global business community with news, data and analysis as well as real-time pricing, historical pricing, indicative data, analytics and electronic communications via the Bloomberg Professional service. The company also has television, radio, publishing and Internet operations worldwide.

Investment bank Merrill Lynch holds a 20% share in the firm and senior staff have stakes thought to total about eight per cent, but the rest is understood to be owned by Bloomberg himself.

Bloomberg has said in the past that he will eventually sell his stake and the proceeds - which are thought to amount to billions of dollars - will be used to form a charitable trust.

It is thought that several private equity houses have approached Bloomberg in recent months about buying the company, including Blackstone Group and Kohlberg Kravis Roberts. Publishers McGraw-Hill and Thomson are also thought to be prospective suitors.

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