A battle for control of Emap’s prized business-to-business magazines operation looks set to unfold after Apax, the buyout firm, made a £1.3 billion indicative approach for the publishers’ trade titles division, which includes Retail Week and Nursing Times.

Financial and trade buyers, including United Business Media, are thought to be contemplating offers for the magazines-to-exhibitions division.

Details of Apax’s approach emerged after Emap said on Friday that it had appointed Lazard and Citigroup, the investment banks, to consider a “possible sale or demerger of some or all” of its constituent parts.

That announcement clears the way for a break-up of the publisher into its radio, consumer publishing and business-to-business operations.

An Emap spokesman said that Friday’s announcement had prompted several interested parties to come forward, although he declined to give details.

Apax already has interests in the business-to-business sector, having backed last year’s buyout of Incisive Media, which pubishes Risk magazine. With Apax’s backing, Incisive bought the British business of VNU Business Publications, the publisher of AccountancyAge and Computing.

Emap’s business-to-business unit accounted for 28 per cent of group revenues last year, but was more profitable than the larger consumer magazines unit, which publishes FHM and Heat. News of the review sent Emap’s shares up 94½, or 12.4 per cent , to 585p on Friday.

The £1.9 billion group has long been touted as a possible break-up candidate as there are seen to be limited synergies between the different parts of the business. An offer for the whole company is thought unlikely becuase of the relative unattractiveness of consumer publishing, which is struggling amid weak advertising. One analyst suggested that Emap could retain the consumer publishing business but sell all other units.

The radio business is expected to prompt interest from Global Radio, the radio acquisition vehicle led by Charles Allen, the former ITV chief, which is buying Chrysalis’s radio unit. GCap Media is also thought likely to consider an offer. Emap agreed last week to sell 50 per cent of Box TV, its music television unit, to Channel 4 as part of a £28 million agreement.

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