Telegraph takeover deal 'soon'

THE long-awaited sale of the Telegraph newspapers could come within a fortnight, say sources close to the bidding.

With the auction narrowed to three bidders, investment bankers at Lazards believe they can conclude the sale well before the expected 4 July deadline.

'They believe that they can wrap this up in a shorter timespan,' said one source.

The Barclay brothers, Daily Mail publisher DMGT, which owns This Is Money, and venture capital group 3i remain in the hunt for the Daily and Sunday Telegraph newspapers, the prize assets in the group controlled by fallen Press baron Lord (Conrad) Black.

His company, Hollinger International, put itself up for sale in January after a US court prevented Black from selling his stake directly to the Barclays.

Shares in Hollinger, which have risen 20% since then, defied a falling market yesterday to edge forward 0.5%. The company is valued at £840m.