Telecoms tycoon Denis O'Brien has boosted his stake in rival Tony Reilly's Independent News & Media after swooping for over €40 million worth of shares in the group.
Mr O'Brien now holds 14.5 per cent of the newspaper publisher, making him the second largest shareholder after its chief executive, Sir Anthony O'Reilly and his family, who own 27 per cent.
Independent News last night confirmed that his entire stake now stands at 114.8 million shares, valued at €250.3 million at yesterday's Dublin closing price of €2.18.
Over 19.6 million shares in Independent News were traded on the Dublin market in a series of transactions on Monday, about 10 times the norm for the group.
According to reports at that point, Mr O'Brien had been buying shares, although it was not clear if he was responsible for all the dealings in the group's stock on the day. It now appears that he was responsible for the bulk of it, as his holding before Monday was 12.2 per cent, over 19 million units less than his current holding of 114.8 million shares.
Despite the size of his stake, it is unlikely he will be asked to join the Independent board, as he is regarded as a "dissident" and "political" shareholder.
The group would not comment on the matter last night.
Just weeks ago, Mr O'Brien demanded Mr O'Reilly's resignation from his post on the basis that the group had lost close to €1 billion of its value. The company dismissed the call as "ridiculous". He recently said it should sell its Independent titles in the UK, and has let it be known that he wants the board overhauled.
Mr O'Brien has been buying shares in the group, which has interests in Ireland, Britain, South Africa, Australia and New Zealand, for almost two years.
He kicked off by buying 3 per cent in January 2006. The purchases have sparked speculation that he will ultimately bid for the company. However, he has refused to comment on his plans.
Rivalry has grown between himself and Mr O'Reilly since the Independent chief led a consortium that saw off Mr O'Brien's bid for the Republic's dominant telecoms company, Eircom.
Mr O'Brien's business, Communicorp, recently paid €200 million for British group, Emap's Irish radio stations, including national broadcaster, Today FM.
As a condition of the deal, the Competition Authority wants the company to sell its Dublin-based broadcaster, FM104. It also intends disposing of Highland FM in Donegal and digital advertising agency, ICAN.
