Bids for Telegraph 'top £650m'

THE latest deadline has passed in the auction for Lord (Conrad) Black's newspaper empire, with some sources saying bidding for the Daily and Sunday Telegraph has topped £650m.

Those thought to have tabled offers include the reclusive Barclay brothers, who own the Scotsman, Daily Mail publisher DMGT, which also owns This Is Money, German Press baron Axel Springer, venture capitalist 3i, and rivals Candover and Apax bidding jointly.

While the Telegraph frequently criticises other companies for obscure and confusing communications, its parent company Hollinger International, assisted by merchant bank Lazards, has shrouded its own auction in deep secrecy.

It would not even confirm the day or time of the deadline, the number of bidders, or the next steps.

The shares swung idly on Wall Street as some investors took their profits. Sources suggest bidding could last until late June.

City betting at bookmaker Cantor Fitzgerald makes the Barclays 2/1 favourites to win the Telegraph, followed by Springer (5/2) and DMGT (3/1).