Barclay twins strike Telegraph deal
Billionaire twins David and Frederick Barclay have struck a £260m (€377m) deal for Conrad Black's controlling stake in the Hollinger media empire. The deal gives them Lord Black's 30% stake and his 73% voting rights at Hollinger.
Lord Black has been ousted as Hollinger chairman over allegations of financial irregularities.
The purchase gives the Barclay twins control of some of the world's best known titles, including the Daily Telegraph, the Chicago Sun Times and the Jerusalem Post.
The deal still faces obstacles though. On Friday a suit was filed by the US Securities and Exchange Commission ,which attempts to block Lord Black from selling up until its investigation into Hollinger's financial affairs is concluded.
The Barclays have a reputation as reclusive investors. Their interests include the Ritz hotel in London, Littlewoods catalogues and the Edinburgh Scotsman newspaper group.
