Further to Chris Tryhorn's report yesterday about Denis O'Brien's increased stake in Independent News & Media, and my report on Sunday about his previous purchase, here is today's take on the story by the Financial Times media correspondent, Ben Fenton.
He says O'Brien's 22.1% stake is the second-largest holding in the Dublin-based INM, with the company's chief executive, Tony O'Reilly, having 26.7%. But Fenton reiterates a point made last week by the Irish Times, that O'Brien "is near to the 25% level at which he could call emergency meetings and block resolutions."
This could prove a big headache for O'Reilly, given that O'Brien has persistently questioned INM's corporate governance, particularly the need for 19 directors. He has queried the value of investments in South Africa and Australia, and he has also called for sale of the loss-making London titles, The Independent and the Independent on Sunday.
The battle between the billionaires is now riveting Irish business circles. But it should also be watched closely by Independent staff - and, perhaps, would-be Independent staff such as ex-Observer editor Roger Alton, who is rumoured to be in talks to join the outfit.
