Dame Marjorie Scardino, the chief executive of Pearson, was yesterday accused of betraying journalists at Les Echos, the company’s French business newspaper, by the title’s editor-elect.

Erik Izraelewicz, who is to become editor on September 1, told The Times that Pearson had stopped him from leading a buyout that would have prevented the deeply unpopular planned sale to Bernard Arnault’s LVMH.

The conduct of Pearson management should be a warning to journalists on the Financial Times, he said. “The message for the Financial Times is that you are going to be next. If any money man wants to buy the FT, Pearson will give it to them without any discussions.”

Mr Izraelewicz’s intervention was timed to overshadow Pearson’s interim results today, at which the company is expected to reiterate its determination to sell Les Echos to LVMH for €240 million (£161 million), despite the intense protests of journalists on the business daily.

The editor-elect, presently the daily’s deputy editor, said that Pearson executives, including Dame Marjorie, and David Bell, the director of people, had refused to tell him whether they intended to sell Les Echos for months as rumours swirled in Paris.

Mr Izraelewicz said that he was told only on June 18 by Dame Marjorie that “there were three bids” – one day before Pearson had formally announced to the Stock Exchange that it was considering “strategic options”. He added: “Then, two days later there was only one bidder and a day after that they were in exclusive talks. It was extremely disappointing; we didn’t even have a chance to put together an MBO.”

While Pearson was working on the sale, the company was examining whether it could put together a white knight bid for Dow Jones, in conjunction with General Electric’s CNBC. That was designed to act as an alternative to a $5 billion (£2.46 billion) bid by News Corporation, parent company of The Times, which had stoked fears about the impact on Dow Jones’s own editorial independence.

The hostility to Mr Arnault is based on a belief that his business interests and closeness to President Sarkozy will make much objective reporting difficult. Mr Arnault already owns Les Echos’ rival La Tribune, which he has pledged to sell if he wins Les Echos.

“He does not intervene personally, but we have a lot of examples of where influence is exerted via others,” Mr Izraelewicz said. “Six months ago, La Tribune was going to publish a poll. which showed that Ségolène Royal [Mr Sarkozy’s left-wing presidential election opponent] was more trusted on the economy, but it got trapped at the last minute and didn’t appear.”

Pearson argues it has acted to safeguard editorial independence through an agreement with LVMH, which creates three independent directors who must approve the appointment or dismissal of the editor.

Mr Izraelewicz said: “The problem is that there is a lack of trust between the staff and LVMH and Bernard Arnault.” The editor-elect wants Pearson to consider an alternative bid, priced at €245 million, from Fimalac, the French owner of Fitch Ratings.

Pearson is not willing to breach the period of exclusivity, which lasts until the middle of November, in the belief that LVMH’s offer is definite.

“I don’t understand why they won’t consider it [Fimilac’s bid] or why there is such a long period of exclusivity,” Mr Izraelwicz said. Later he added: “We believe this decision affects Pearson’s value as a company. Its message is that it is just concerned by money, and not by people.”

There are also plans to set up a rival online business title, supported by as many journalists who are willing to resign, should LVMH prevail.

Discussions have been held with unspecified backers and Les Echos staff can take advantage of a “conscience clause” under French law that allows them to leave within 18 months of the takeover, receiving 1½ months’ pay for every year of service.

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