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Ireland INM agrees to sell 18 pct holding in Australia's APN

Reuters - UK Focus

DUBLIN, March 19 (Reuters) - Independent News & Media (LSE: INM.L - news) (INM) has agreed to sell its entire 18.6 percent holding in Australia's APN News & Media (NZSE: APN.NZ - news) for approximately 115 million euros to allow the Irish media group to repay its debts in full.

INM said on Thursday that the sale would be carried out via an underwritten block trade and that Credit Suisse (NYSE: CS - news) had agreed to acquire, or procure acquisition by a third party, at a fixed price of A$0.88 per APN share, representing a 6.4 percent discount to Wednesday's closing price.

News Corp said on Thursday that it would increase its stake in Australian media company APN News from an undisclosed level to 14.99 percent, the maximum shareholding a foreign firm can hold in Australia without making a formal takeover offer. (Reporting by Padraic Halpin; editing by Jason Neely)