The UK government plans to block a UAE-led takeover of The Telegraph by outlawing foreign state control of British newspapers. An amendment to the Digital Markets Bill will prevent mergers involving proposed influence or control by foreign states. RedBird IMI's bid for The Telegraph, backed by Sheikh Mansour bin Zayed Al Nahyan, would be illegal under this amendment. However, foreign states can still fund takeovers as long as it amounts to a minority interest. The threshold for a stake to be considered controlling is currently 25 percent.
The foreign state control of British newspapers will be outlawed as the government attempts to 'block' a UEA-led takeover of The Telegraph . An amendment to the Digital Markets Bill is expected to block UK newspaper and news magazine mergers taking place if where there proposed influence, involvement or control by foreign states. It means the bid by RedBird IMI for the Telegraph, which is backed 75 per cent by Sheikh Mansour bin Zayed Al Nahyan, would not be legal.
The amendment does not completely block any foreign state from funding takeovers, though this must amount only to a minority interest, The Telegraph reports. That means RedBird IMI could still take over the Telegraph if the UAE stake is reduced. Read More: Regulators hand findings from Telegraph takeover probes to GovernmentRead More: Telegraph suitor to buy Traitors and Fleabag maker for £1.15bnCurrent legislation dictates that the threshold for a stake to be considered controlling is 25 per cent, though it is not known if further clarification will be given in the new la
Foreign State Control British Newspapers Outlawed Government UAE-Led Takeover The Telegraph Digital Markets Bill Mergers Redbird IMI Sheikh Mansour Bin Zayed Al Nahyan Funding Takeovers Minority Interest Legislation Stake
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