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 publisher 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 ($315.2 million) - about €40 million ($63.04 million) more than Lycos Europe’s market value. Dresdner Kleinwort is the bank leading the sale. The company holds its AGM on Thursday morning.

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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 ($9.29 million) loss in April from a profit last year.  Chief sales officer Michael Rohowski is now leaving the company, the report says.