O’Brien on cusp of control as he ups INM stake again

Telecoms billionaire Denis O’Brien has upped his shareholding in Independent News & Media (INM) to 29.9%, placing him on the cusp of outright control of the business.

Mr O’Brien bought another tranche of 10.6m shares in INM yesterday. It was his second significant share purchase in the company in as many days — following his €9.6m spend on nearly 33 million shares on Thursday.

A shareholding of 30% triggers the need for a full bid for the company. This week’s activity has seen Mr O’Brien invest around a further €12m in the country’s largest media group.