Germans to bid for 'Telegraph'

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The Independent Online

The publishing firm behind Germany's most popular tabloid newspaper is to submit a bid for The Daily Telegraph and its sister titles next week, it was reported last night.

The publishing firm behind Germany's most popular tabloid newspaper is to submit a bid for The Daily Telegraph and its sister titles next week, it was reported last night.

Axel Springer, which publishes the German tabloid Bild and the broadsheet Die Welt, is expected to table an offer of more than £600m next week, according to The Observer. The German company also owns a massive portfolio of magazines and TV and radio assets.

The Telegraph's parent company, Hollinger International, is to auction off its assets through the investment bank Lazard and the deadline for bids is Tuesday.

Other bidders include the Daily Mail's owners, Richard Desmond's Express Group and David and Frederick Barclay, the owners of The Scotsman. Gannett, the US newspaper group, which owns several regional newspapers in the UK, is also set to table a bid, along with several private equity groups, including Apax Partners, Candover and 3i, advised by the former Mirror executive David Montgomery.

At the start of this month, the Barclay Brothers withdrew their offer to buy Lord Black's Hollinger Inc, exacerbating a cash crunch at the Canadian company.

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