The world’s second richest man has joined the race to take control of Independent News and Media, according to the Sunday Times.
Carlos Slim, a Mexican telecoms billionaire, has bought a one per cent stake, “but this is likely to increase,” the paper says.
Denis O’Brien – until last week labelled a “dissident shareholder” by the INM board – owns around 21 per cent of the company. Chief exec Tony O’Reilly owns about 27 per cent.
According to the Financial Times, analysts believe the move by Slim will deal a blow to O’Brien’s attempts to build up his stake in the Independent publisher.
O’Brien and Slim are rivals in the mobile phone market.