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.
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