Vwd Buy-out Sparks News Sell-off to DJN

NEWSWIRES

German market data vendor and news provider vwd (Vereinigte Wirtschaftsdienste) will sell its newswire business to Dow Jones Newswires (DJN) for e9.8 million ($12 million) as it restructures to focus solely on providing market data services to financial institutions.

The sale was prompted by a takeover bid by Edmund Keferstein, a former managing director who left the vendor in 1988 to join German newspaper group Frankfurter Allgemeine Zeitung (FAZ), which is now a shareholder in vwd. Keferste