The sale is expected to raise between £300m and £400m for Emap, which revealed its decision to offload the cross-channel business at the end of February.
Emap France publishes around 50 magazines including FHM, Closer, Top Sante, Sport Auto and several science, nature and hobby titles.
Circulation and advertising revenue difficulties at the division's TV listings magazines are believed to have contributed to Emap's decision to sell. It said in March that it expected the division's revenue in 2005/2006 to be 1% higher than last year, thanks to the successful launch of Closer last year.
Emap said it is bound by French employment law to conduct a formal consultation process with the workers' councils of Emap France. It expects to complete a sale by the end of the year and intends to return profits from the sale to shareholders as soon as practicable.
Mondadori is a media group owned by former Italian prime minister Silvio Berlusconi. It owns 50% stakes in Italian offshoots of international magazine publishers Gruner & Jahr, Hearst and Rodale. Its other activities include book publishing, printing and radio.
This is not the first time the company has sold foreign assets. Emap bought Petersen in 1998 for £720m. It sold the company two years later at a huge loss to Primedia. The deal is reported to have cost the company £545m.
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