bertelsmann: Mohn free

Freedom comes at a price. Albert Frere has long wanted a cash exit for his stake in Bertelsmann. Meanwhile, the German media conglomerate has long wanted to avoid a stock market listing. Both sides have finally got what they sought. But both look to have paid dearly for those freedoms. Take Frere first. When the Belgian financier took his 25% stake in Bertelsmann in 2001 it was hailed as a deal of the dawning century. But subsequent returns have proved otherwise. Frere is now selling his stake ...