APN News & Media Ltd., the owner of more than 100 newspapers in Australia and New Zealand, saw its stocks fall in Sydney trading, after the sale of its stake was dumped by Independent News & Media Plc, Bloomberg reported.

Independent News reached the decision after a review which considered its 39.1 percent shareholding in APN has some "unsolicited expressions of interest," according to APN in a statement filed with the Australian stock exchange.

APN's shares slid to A$2.07, down 8 cents, or 3.7 percent, at the close of Sydney trading, Bloomberg reported.

According to Independent News' company statement released Monday, the Irish company intends to sell non-core assets and complete any disposals in the next 12 months.

Independent News said the "deteriorating state of credit markets" has hindered interested parties from putting together a bid for its stake in APN, according to Bloomberg.

The publisher once said in late Oct. 2008 that the sale of its stake in APN would help reduce debt by about 800 million euros ($1.05 billion).