O’Brien Sought Independent News African Disposals, Post Reports

Independent News & Media Plc (INM)’s largest shareholder, Denis O’Brien, told the media company it should sell its South African interests and invest the proceeds in its Australian and Asian businesses, the Sunday Business Post reported, citing documents from board meetings.

O’Brien, who owns 29.9 percent of Independent News, made the proposal to the Dublin-based company’s former Chairman Brian Hillery in August, the newspaper said.

James Morrissey, a spokesman for O’Brien, and Pat Walsh, a spokesman for Independent News, declined to comment when contacted by Bloomberg News today.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net;

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net;

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.