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Heidelberg, Manroland near merger decision-sources2010-09-16

     "There are still a few issues to clear up," one of the sources close to the talks said, adding that those issues included how the new Printing company center-right German government being formed would view such a step.

     Berlin propped up Heidelberger Druck with state aid in June.

     Heidelberg shares which were up 8.5 percent by 1222 GMT (8:22 a.m. EDT) on Monday, the second leading gainer among German midcaps .MDAXI.

     The Platow Brief newsletter reported that a merger plan could emerge by early October.

     The Printing company declined to comment.

     The sources told Reuters that insurer Allianz's (ALVG.DE) investment arm, Allianz Capital Partners, was the driving force behind the merger talks. It has 65 percent of Manroland, with the rest held by former parent MAN SE (MANG.DE).

     Allianz also has a 12 percent stake in Heidelberger Druck.

     Combining the two magazine printing machine companies could help cut costs as the industry contends with a deep recession.

     One source said the Berlin government was urging Allianz not to exit any combined printing group quickly. "The government does not at all want state aid (for Heidelberg) to be seen as aid for Allianz," this source said.

     European Union antitrust authorities would also have to approve a deal combining market leader Heidelberer Druck with its rival, but industry experts say approval with conditions seemed likely given the troubles that both groups face.

    Loss-making Heidelberger Druck plans to cut around a quarter of its 20,000 staff, while Augsburg-based Manroland is also slashing jobs in a major overhaul.

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