The French financial daily Les Echos, a unit of Financial Timespublisher Pearson, is reported to be up for sale.
A sale has been the subject of press speculation in recent days, but Katty Cohen of the SNJ-CGT union told Agence France-Presse that management refused to comment on a report it is in exclusive talks with billionaire LVMH chief executive Bernard Arnault.
According to today's edition of Le Monde, which cited unnamed sources, Arnault has offered €250 million for the paper, equivalent to more than twice the title's annual turnover, in order to knock out rival bids, and has set tomorrow as a deadline for acceptance.
Le Mondesaid Les Echosjournalists may go on strike this afternoon in protest at the prospect of a sale to Arnault, who already owns rival La Tribune.
According to Le Monde'ssources, a "French group specialising in internet services" may bid for Les Echos alongside other partners.
The paper also cited a banker close to Pearson as saying that "money is not the determining factor", and that the UK group will "not sell against the wishes of the editorial (management)."
''Management has told us that the sale process has been underway for a certain period, that Les Echoswas in need of investors and investment," Ms Cohen told reporters.
She said management stated that Les Echosis "not part of the global strategy" of Pearson.
The Wall Street Journalyesterday reported that Pearson and General Electric are discussing making a joint counter-bid for WSJ owner Dow Jones & Co, already the target of a takeover offer from Rupert Murdoch's News Corp.
Journal du Dimanchereported Sunday, without naming its source, that Arnault may sell La Tribunein order to avoid objections from the competition authorities over his owning both of France's mass circulation financial dailies.