CineMedia Film's shares soared by over 29% on Tuesday from 93 cents to Euros 1.20 on the news that the Tele Muenchen Group (TMG) has reached agreement with Amsterdam-based German Equity Partners BV (GEP) to acquire all of its 905,000 shares.

This transaction, which is expected to be completed in the course of this week, will see TMG consequently increasing its stake in CineMedia Film from the present 8.8% to 29.8%.

In a statement, CineMedia said that this intensification of TMG's commitment to the postproduction concern would provide it with "additional flexibility also regarding future capital measures."

GEP held an interest in CineMedia Film before its IPO in February 1999, and TMG had become an important partner for CineMedia through services provided for its theatrical arm Concorde Filmverleih and the various production companies.