On-the-block Lycos Europe, touting itself for sale after failing to modernise the once-mighty portal, has approached AOL (NYSE: TWX), German web group United Internet and German online publishers Tomorrow Focus for a possible sale, FT Deutschland reports, citing someone close to the process. Despite fluttering its eyelashes, so far no-one has shown a real interest in the acquisition. Bertlesmann and Telefonica (NYSE: TEF), which own 32.1 percent each, have reportedly been asking for around €200 million - about €40 million more than Lycos Europe’s market value. Dresdner Kleinwort is the bank leading the sale. The company holds its AGM on Thursday morning.

Despite its web search success in the late 90s, Lycos has struggled to develop new products and to make money from the web advertising boom, swinging to a €5.9 million loss in April from a profit last year.  Chief sales officer Michael Rohowski is now leaving the company, the report says.

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