Mexican Enters INM Standoff

06 May 2008

DUBLIN: Irish newspaper group Independent News and Media, under siege by telecoms billionaire Denis O'Brien, now finds itself an object of interest for Mexican telecoms mogul Carlos Slim who has bought a one percent stake in the business.

The company, which publishes UK daily, The Independentand siblingIndependent on Sundayamong others, is led by Sir Anthony O'Reilly, who has been under pressure from O'Brien to sell the loss-making titles.

The latter has built a 22% stake in INM over recent months.

Analysts believe billionaire Slim's interest in the group may have more to do with striking a blow to O'Brien's ambitions in the Caribbean telecoms market, rather than publishing designs of his own.

They expect him to increase his stake in the INM.

Data sourced from multiple sources; additional content by WARC staff