AOL denies that unit is worth less than $577 mln

AOL, the Internet unit of Time Warner Inc., denied a report from newswire Dpa-AFX that bidders for its German Web access unit are offering less than € 450 million ($577 million). The value of the unit was cut to between € 400 million and € 450 million, down from an earlier target of € 600 million, Dpa-AFX said earlier, citing unidentified people familiar with the talks. „The news report stating that AOL Germany was being valued by bidders at less than € 450 million is completely wrong,” AOL spokesman John Buckley said. He declined to provide further details on the value or the talks. AOL, based in Dulles, Virginia, is in discussions to sell the Internet access of its European divisions to focus on its free Web sites and e-mail services. AOL CEO Jonathan Miller said earlier this month that the company is in talks with potential buyers in Germany, France and the UK. The shares of New York-based Time Warner, the world's largest media company, gained 3 cents to $16.53 at 4 p.m. in New York Stock Exchange composite trading; they have fallen 5.2% this year. (Bloomberg)