We shouldn't have given UAE such a big role in Telegraph deal, admits Jeff Zucker [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Yahoo! Finance
Jeff Zucker, who heads RedBird IMI, said in hindsight he would have changed the structure of the bid to reduce the involvement of the Gulf state Speaking at the WSJ CEO Council Summit in London, he said: “With regard to The Telegraph, what we should have done is we should have structured the deal differently and changed the percentage of ownership of each of the entities that was within RedBird IMI. “If we could go back and restructure earlier on, I think we would have done that. I think it probably would have sufficed.” RedBird IMI, which is 75pc backed by International Media Investments (IMI), a vehicle controlled by Manchester City owner Sheikh Mansour bin Zayed al-Nahyan, formally abandoned its takeover bid for The Telegraph and Spectator last week. It came after the Government intervened to block the deal with a new law banning foreign state ownership of British newspapers Culture Secretary Lucy Frazer had already put the transaction on hold as regulators carried out a
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