Page last updated at 18:05 GMT, Wednesday, 17 March 2010

Lebedev gets Independent go-ahead

Alexander Lebedev
Mr Lebedev has already bought the Evening Standard in the UK

Alexander Lebedev moved closer to control of the Independent newspapers after the deal was allowed by the Office of Fair Trading (OFT).

The UK regulator said it will not investigate the deal between Mr Lebedev and Independent News & Media (INM) over competition issues.

"There is no competition barrier," said a spokesperson for the OFT.

The Russian billionaire already owns 75% of another UK paper - the London Evening Standard.

Lebedev and INM entered an exclusive non-binding agreement about the Independent and its sister paper, the Independent on Sunday in December.

But talks have dragged on and it is understood that there have been in discussions over issues including INM's £35m printing contract and a deal surrounding office space in Kensington.

Shareholders, who were previously bond holders, will be keen for a deal.

Part of the agreement they made with INM after agreeing to repay 200m euros (£179m) debt last year, is for the sale of the loss-making papers as soon as is practically possible.

INM is expected to report financial results on Wednesday next week.

Print Sponsor

Independent extends Lebedev talks
15 Feb 10 |  Business
Ex-KGB spy buys UK paper for 1
21 Jan 09 |  UK
Profile: Alexander Lebedev
25 Mar 10 |  Business

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Sign in

BBC navigation

Copyright © 2017 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific