Telegraph sale gets the go-ahead

The Telegraph titles are the main attraction

Hollinger International, the publisher of the Daily Telegraph and its stable mates, has cleared the way for the sale of the newspapers to proceed.

The company said its board had decided to focus on the UK properties, rather than sell the group as a whole.

At least four bidders are after the Daily and Sunday Telegraph and the Spectator magazine.

Other papers including the Chicago Sun-Times and Jerusalem Post are believed to have attracted little interest.

Legal hurdles

Media tycoon Conrad Black, who still controls Hollinger International, said he would support the sale of the group's assets as long as the deal "makes sense".

PROBABLE TELEGRAPH BIDDERS Daily Mail Barclay brothers 3i Apex Partners and Candover

His own company Ravelston indirectly holds about 30% of Hollinger International, but the company's share structure means he controls more than 70% of voting rights.

Lord Black remains locked in a court battle with Hollinger International.

The $1.25bn (£680m) lawsuit accuses him of "racketeering" by using the company's money to support his lifestyle and taking more than $30m in unauthorised "non-competition" payments.

He is facing a 1 June deadline imposed by a Delaware court to repay $29.9m to Hollinger International.

Bidders

The sale of the UK papers is now in its final stages.

Lazard, the investment bank advising Hollinger International, is believed to be examining bids from the Daily Mail group as well as Channel Island-based tycoons David and Frederick Barclay; venture capital firm 3i; and private equity groups Apex Partners and Candover.

German publisher Axel Springer is thought to have pulled out.

The publisher is looking for at least £600m ($1.1bn) for the Telegraph titles.