Mexican billionaire buys stake in the Independent

The world’s second richest man has joined the race to take control of Independent News and Media, according to the Sunday Times.

Carlos Slim, a Mexican telecoms billionaire, has bought a one per cent stake, “but this is likely to increase,” the paper says.

Denis O’Brien – until last week labelled a “dissident shareholder” by the INM board – owns around 21 per cent of the company. Chief exec Tony O’Reilly owns about 27 per cent.

According to the Financial Times, analysts believe the move by Slim will deal a blow to O’Brien’s attempts to build up his stake in the Independent publisher.

O’Brien and Slim are rivals in the mobile phone market.

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