Le Monde Defies Sarkozy, Accepts Bid Led by Socialist Backer Pierre Berge

Le Monde, France's struggling newspaper of record, accepted an offer from investors including Yves Saint Laurent Group partner Pierre Berge, snubbing President Nicolas Sarkozy, who had opposed the bid.

The group of investors, which also includes Internet billionaire Xavier Niel and Lazard Ltd. banker Matthieu Pigasse agreed to pay 110 million euros ($135 million) to take control of the 65-year-old Paris afternoon daily, helping it avert a capital crunch. By accepting the offer, the newspaper's staff rejected pressure from Sarkozy, who had told Le Monde Chief Executive Officer Eric Fottorino he didn't want the daily taken over by the trio. Berge backed opposition Socialist Party candidate Segolene Royal in the 2007 presidential election and is close to International Monetary Fund head Dominique Strauss-Kahn, a possible 2012 candidate for the Socialists.