Emap confirmed today that it has shelved plans to sell its business publications after receiving disappointing offers but will go ahead with the sale of its consumer magazines and radio assets to Germany' s Bauer for £1.14 billion.

As The Times revealed, Emap stopped the £1.2 billion sale of its business-to-business publications last night after bidders failed to meet its expectations. Shares in the company fell 8.48 per cent to 755p in early trading today.

Alun Cathcart, executive chairman of Emap, said today that Emap will now become a focused business-to-business company, home to titles including Drapers, Construction News and Broadcast, as well as the Cannes Lions advertising trade show.

Mr Cathcart said the business-to-business titles had long-term growth potential, with good organic prospects and that this strategy would be in the best long-term interest of shareholders.

Following completion of the sale of the consumer magazines, which include the likes of Heat, FHM and Grazia, and radio interests to Bauer, Emap will return about £1 billion to shareholders, equivalent to 460p per share.

Bauer will pay £718 million cash for the consumer magazines and £422 million cash for the radio stations. The German group, whose UK titles include Take a Break, that's life! and Bella, entered the bidding process late in the day and succeeded in pushing out favourites Hearst and Global Radio.

The disposals are subject to the approval of the company's annual general meeting next month. In addition, the sale of the radio business is conditional on completion of the sale of Emap's Irish radio business. The sale of the consumer magazines division is also conditional on competition clearance in Germany and Austria.

Mr Cathcart took over the running of the media group after Tom Moloney, the chief executive, quit suddenly in May. The proposed sale of assets initially attracted dozens of trade and private equity bidders.

Emap said the deal price represented a multiple of 2.2 times pro forma 2007 revenue and 11.2 times pro forma operating profit.

Following the sale, Derek Carter, chief executive of the business-to business-divsion, will become chief executive of the slimmed-down group. Ian Griffiths, the finance director, will become deputy chief executive of Emap while continuing to carry out his finance director duties.

Mr Cathcart will revert to a non-executive chairman and will work with the new management team until a new non-executive chairman can be found.

Updating on its current trading, Emap said the outlook for its communications business remained good and trading since the half-year results to September 30 had been in line with management expectations.

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