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| INM set to sell South African business | INM set to sell South African business |
| (1 day later) | |
| Independent News & Media (INM) has agreed to sell its South African media business for 2bn rand (£146m) to a consortium led by Iqbal Survé, one of Nelson Mandela's former doctors. | Independent News & Media (INM) has agreed to sell its South African media business for 2bn rand (£146m) to a consortium led by Iqbal Survé, one of Nelson Mandela's former doctors. |
| INM's chief shareholder, Denis O'Brien, has been eager to sell off the division, which includes the Johannesburg Star, Daily Voice, Cape Times and Pretoria News, for some time. | INM's chief shareholder, Denis O'Brien, has been eager to sell off the division, which includes the Johannesburg Star, Daily Voice, Cape Times and Pretoria News, for some time. |
| If the deal, which is yet to be finalised, goes ahead, then it will enable INM to make a big dent in its net debts of €426m. But it had been hoping to obtain a higher price for the South African group. | If the deal, which is yet to be finalised, goes ahead, then it will enable INM to make a big dent in its net debts of €426m. But it had been hoping to obtain a higher price for the South African group. |
| It has been a lengthy negotiation, dating back well into last year. Survé, a former ANC leader, now runs Sekunjalo Holdings, which has investments in more than 70 private and public companies in Africa ranging from health care to telecoms. | It has been a lengthy negotiation, dating back well into last year. Survé, a former ANC leader, now runs Sekunjalo Holdings, which has investments in more than 70 private and public companies in Africa ranging from health care to telecoms. |
| INM loses confidence in APN chiefs | INM loses confidence in APN chiefs |
| In a further development, the chief executive, chairman and independent directors of Australia's APN News & Media resigned after INM said it had lost confidence in its management. (INM, with a 28.95% stake in APN, is its largest shareholder). | In a further development, the chief executive, chairman and independent directors of Australia's APN News & Media resigned after INM said it had lost confidence in its management. (INM, with a 28.95% stake in APN, is its largest shareholder). |
| APN's CEO, Brett Chenoweth, chairman Peter Hunt and three independent directors departed after failing to convince shareholders to raise capital through a rights issue. | APN's CEO, Brett Chenoweth, chairman Peter Hunt and three independent directors departed after failing to convince shareholders to raise capital through a rights issue. |
| APN publishes 20 daily and 100 weekly papers in Australia and New Zealand, and owns several radio networks in both countries. It also has operations in Hong Kong. | APN publishes 20 daily and 100 weekly papers in Australia and New Zealand, and owns several radio networks in both countries. It also has operations in Hong Kong. |
| O'Brien wins €150,000 libel case against Daily Mail | O'Brien wins €150,000 libel case against Daily Mail |
| Denis O'Brien was last week awarded libel damages of €150,000 (£129,000) against the Irish Daily Mail. The newspaper had accused him of hypocrisy in an article in January 2010 about his efforts to help the people of Haiti after an earthquake. | |
| The paper, which is to appeal against the verdict (by a jury), adopted a defence of "honest opinion", the first time it has been used in a major defamation case in Ireland since the passing of the 2009 defamation act. | The paper, which is to appeal against the verdict (by a jury), adopted a defence of "honest opinion", the first time it has been used in a major defamation case in Ireland since the passing of the 2009 defamation act. |
| Sources: FT/Irish Times (1) and (2) and (3) | Sources: FT/Irish Times (1) and (2) and (3) |