Quebecor bites back over buyout report

Quebecor World denied reports in Toronto Globe and Mail that its chief executive Pierre Karl Pe´ladeau turned down a $5.5bn buyout proposal made by former president and chief executive of Quebecor World North America, Mark Reisch. The statement issued by the company said that neither Mr Pe´ladeau nor any other director of Quebecor or its subsidiaries received a direct or indirect offer to purchase Quebecor World. Kohlberg Kravis is alleged to have approached Mr Pe´ladeau with an offer in august but the parent company Quebecor Inc denied this.