The ISEQ index of Irish shares has begun the week on the back foot down 37.60 points at 9681.15.

A consortium led by ISEQ-listed Independent News and Media has agreed a €2.3bn takeover of Australasian media group APN.

INDEPENDENT NEWS & MEDIA’S 39% owned Australian subsidiary, publishing and advertising business APN News and Media Ltd, will undertake an on-market share buyback on the back of a 10% nett profit growth in 2005.