O'Brien expands INM stake

Posted by Alexandra Zeumer on May 28, 2008 at 12:40 AM

The Irish telecommunications billionaire Denis O’Brien, is increasing his Independent News and Media (INM) stake within to 22.7 percent, closing in on a level in which he will have more of a say on the media group’s policy, the Financial Times reported Tuesday.

O’Brien has been expanding his stake in the Dublin-based media group throughout the past year, and has been a critic of the company's corporate governance and performance.

O’Brien’s INM stake close to reaching the 25 percent level, which would give him the power to call emergency meetings and block resolutions. Sir Anthony O'Reilly remains the company's biggest shareholder, and has called O'Brien a “dissident shareholder.” O'Reilly's son, Gavin O'Reilly, is chief operating officer of INM, and also president of the World Association of Newspapers' executive committee and board.

The company’s annual meeting will be held on June 11, and O’Brien is expected to pressure the company over retaining ownership of the Independent and Independent on Sunday in the United Kingdom, which have been loss-making, as well as investments in Australia and South Africa, the Financial Times reported.