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Yahoo
a day ago
- Business
- Yahoo
Former cabinet minister Zahawi pulls out of ‘British bid' for The Telegraph
The former Conservative cabinet minister Nadhim Zahawi has pulled out of the 'British bid' for The Telegraph led by the publisher Dovid Efune. The decision on Saturday leaves Mr Efune with an even steeper challenge as he attempts to gatecrash the planned takeover by the US private equity firm RedBird Capital. Mr Zahawi, his family and friends accounted for £60m of the £170m of equity it is understood had been committed to the bid. Even before losing the support, the consortium may have needed to raise a further £200m from shareholders to deliver the £550m bid he made alongside Mr Zahawi and the hedge fund manager Jeremy Hosking. Mr Efune has planned to complete the offer with borrowing against The Telegraph's profits. The approach has been rejected by IMI, a media company owned by the United Arab Emirates. It is selling The Telegraph after its own attempt to take control was blocked last year following an outcry over press freedom. That bid was made by a joint venture, RedBird IMI, in which RedBird was the junior partner having provided 25pc of the funding. Now the US private equity firm led by its founder Gerry Cardinale is in line to become the controlling shareholder in The Telegraph in a £500m deal. He has signalled ambitious growth and investment plans to deliver a 'global counterpunch to The New York Times' from the centre-Right of the political spectrum. Mr Cardinale is also in talks with at least three potential British minority co-investors, who include the owner of The Daily Mail, Lord Rothermere. After a proposed easing of the outright ban on foreign state shareholdings in newspapers, IMI is expected to retain a passive stake of up to 15pc. With longstanding business and political links to the UAE, it is understood that Mr Zahawi pulled out after becoming concerned at Mr Efune's handling of the bid. In recent days the publisher of the New York Sun website has sought to cast his approach as more British than RedBird's and sought to cast doubt on its sources of funding and ability to run The Telegraph successfully. IMI has come out in public support of Mr Cardinale's bid, however, and it has been unclear how Mr Efune expects to disrupt their agreement in principle. Mr Cardinale has said none of RedBird's funding for the deal is drawn from sovereign wealth. Mr Zahawi, who was Covid vaccines minister and briefly Chancellor, has played a significant role in the two-year saga over the ownership of The Telegraph. A friend of both the Barclay family, the previous owners, and senior figures in the UAE, he was part of setting up a complex debt repayment deal that was intended to deliver the company into the hands of RedBird IMI. It included a £600m linked to the Barclay family's online shopping business Very, which saw Mr Zahawi become chairman. Despite the failure of RedBird IMI's takeover of The Telegraph, he has persistently sought a role in its future. In recent months he has sought to put together a new bid that would help the UAE recoup its outlay. It is understood Mr Cardinale does not intend to involve Mr Zahawi. Mr Efune was unavailable for comment. In his most recent statements on the bid he said was confident he would be able to announce more investors soon. Mr Zahawi declined to comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Telegraph
a day ago
- Business
- Telegraph
Former cabinet minister Zahawi pulls out of ‘British bid' for The Telegraph
The former Conservative cabinet minister Nadhim Zahawi has pulled out of the 'British bid' for The Telegraph led by the publisher Dovid Efune. The decision on Saturday leaves Mr Efune with an even steeper challenge as he attempts to gatecrash the planned takeover by the US private equity firm RedBird Capital. Mr Zahawi, his family and friends accounted for £60m of the £170m of equity it is understood had been committed to the bid. Even before losing the support, the consortium may have needed to raise a further £200m from shareholders to deliver the £550m bid he made alongside Mr Zahawi and the hedge fund manager Jeremy Hosking. Mr Efune has planned to complete the offer with borrowing against The Telegraph's profits. The approach has been rejected by IMI, the United Arab Emirates state media company. It is selling The Telegraph after its own attempt to take control was blocked last year following an outcry over press freedom. That bid was made by a joint venture, RedBird IMI, in which RedBird was the junior partner having provided 25pc of the funding. Now the US private equity firm led by its founder Gerry Cardinale is in line to become the controlling shareholder in The Telegraph in a £500m deal. He has signalled ambitious growth and investment plans to deliver a 'global counterpunch to The New York Times' from the centre-Right of the political spectrum. Mr Cardinale is also in talks with at least three potential British minority co-investors, who include the owner of The Daily Mail, Lord Rothermere. After a proposed easing of the outright ban on foreign state shareholdings in newspapers, IMI is expected to retain a passive stake of up to 15pc. With longstanding business and political links to the UAE, it is understood that Mr Zahawi pulled out after becoming concerned at Mr Efune's handling of the bid. In recent days the publisher of the New York Sun website has sought to cast his approach as more British than RedBird's and sought to cast doubt on its sources of funding and ability to run The Telegraph successfully. IMI has come out in public support of Mr Cardinale's bid, however, and it has been unclear how Mr Efune expects to disrupt their agreement in principle. Mr Cardinale has said none of RedBird's funding for the deal is drawn from sovereign wealth. Mr Zahawi, who was Covid vaccines minister and briefly Chancellor, has played a significant role in the two-year saga over the ownership of The Telegraph. A friend of both the Barclay family, the previous owners, and senior figures in the UAE, he was part of setting up a complex debt repayment deal that was intended to deliver the company into the hands of RedBird IMI. It included a £600m linked to the Barclay family's online shopping business Very, which saw Mr Zahawi become chairman. Despite the failure of RedBird IMI's takeover of The Telegraph, he has persistently sought a role in its future. In recent months he has sought to put together a new bid that would help the UAE recoup its outlay. It is understood Mr Cardinale does not intend to involve Mr Zahawi. Mr Efune was unavailable for comment. In his most recent statements on the bid he said was confident he would be able to announce more investors soon. Mr Zahawi declined to comment.
Yahoo
3 days ago
- Business
- Yahoo
‘British bid' to gatecrash Telegraph takeover is rejected
An 11th-hour attempt to gatecrash the sale of The Telegraph with a 'British bid' has been rejected. The latest approach from Dovid Efune, which includes funding from the hedge fund manager Jeremy Hosking, has been ruled out, according to multiple sources. It valued the Telegraph at £550m but had only £170m of committed equity and required a level of borrowing that lenders would be unlikely to support, sources said. Mr Efune, the publisher of The New York Sun, has said he expects to reveal more backers soon as he seeks a 'beneficial resolution for all stakeholders'. He added that he had received no communication from the seller rejecting his bid. He has been pursuing control of The Telegraph for a year. He emerged from an auction in October as the preferred bidder but subsequently struggled to raise finance. In a development that creates more potential obstacles for Mr Efune, the firm appointed by IMI to run the auction, Robey Warshaw, has stopped work on it. Sources said the investment bankers expect the rival bid by RedBird Capital to proceed. The US private equity firm has reached an agreement in principle to acquire majority ownership of The Telegraph from IMI, the United Arab Emirates state media company. The deal values the company at £500m. Together, as the joint venture RedBird IMI, the pair were blocked from taking full control last year following an outcry over press freedom. It would have handed the UAE a 75pc stake. Mr Efune said he is undeterred by the latest action. He told The Telegraph: 'Our British bid is strong with upward momentum. 'We expect to announce new funding partners in the near future. We're more confident than ever that what we have to offer is a favourable pathway for the sellers, The Telegraph and journalism writ large.' The British-born entrepreneur acquired The New York Sun in 2021 after running The Algemeiner, a newspaper for the Hasidic Jewish community. He is casting his bid for The Telegraph alongside Mr Hosking and Nadhim Zahawi, the former Conservative cabinet minister, as the 'British bid' in contrast to RedBird's American roots. However, Gerry Cardinale, RedBird's founder, is in talks with at least three potential British minority co-investors, including Lord Rothermere, the owner of the Daily Mail. Following proposed changes to the law banning foreign state ownership of newspapers, IMI is expected to retain a passive stake in The Telegraph of up to 15pc. Mr Efune's chances of disrupting the transaction have appeared to be fading. This week on his X account, he appeared to seek divine intervention by posting 'stand still and see the salvation of the Lord', a quote from Exodus typically interpreted as an appeal to trust in God. The bid's remaining earthly hopes may rest on Mr Efune's efforts to stoke political opposition to RedBird and to Labour's proposed legal changes. His consortium appears further to the Right and more ideological than RedBird's, and has been seeking to exploit a Conservative split over the laws on foreign state ownership of newspapers. Tory leaders have said they will not oppose a 15pc limit but some of the party's peers intend to support a Liberal Democrat 'fatal motion' in the House of Lords. It is unclear how such opposition would deliver The Telegraph to Mr Efune's 'British bid'. Mr Cardinale has told senior managers at the newspaper that he is anxious to complete his takeover as soon as possible to end two years of ownership uncertainty and launch an ambitious growth and investment strategy. Once a deal emerges, a smooth regulatory process could mean The Telegraph is under RedBird's control by September. It would join a portfolio of media and sport assets that includes AC Milan, a significant stake in Liverpool FC and a film studio co-founded with Ben Affleck and Matt Damon. RedBird is also backing the planned $12bn (£8.9bn) takeover of the Hollywood giant Paramount, the owner of CBS in the United States and Channel 5 in Britain. If the Culture Secretary Lisa Nandy refers The Telegraph deal to the Competition and Markets Authority for a full investigation of competition and plurality concerns, the timeline would be extended by several months. She could also impose legal restrictions on Mr Cardinale's ability to work with Telegraph management in the meantime. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Telegraph
3 days ago
- Business
- Telegraph
‘British bid' to gatecrash Telegraph takeover is rejected
An 11th-hour attempt to gatecrash the sale of The Telegraph with a 'British bid' has been formally rejected. Dovid Efune, the publisher of The New York Sun, has been notified that his latest approach, which includes funding from the hedge fund manager Jeremy Hosking, has been rejected by IMI. It valued the Telegraph at £550m but had only £170m of committed equity and required a level of borrowing that lenders would be unlikely to support, sources said. Mr Efune has said he expects to reveal more backers soon. He has been pursuing control of The Telegraph for a year. He emerged from an auction in October as the preferred bidder but subsequently struggled to raise finance. In a development that creates more potential obstacles for Mr Efune, the firm appointed by IMI to run the auction, Robey Warshaw, has stopped work on it. Sources said the investment bankers expect the rival bid by RedBird Capital to proceed. The US private equity firm has reached an agreement in principle to acquire majority ownership of The Telegraph from IMI, the United Arab Emirates state media company. The deal values the company at £500m. Together, as the joint venture RedBird IMI, the pair were blocked from taking full control last year following an outcry over press freedom. It would have handed the UAE a 75pc stake. Mr Efune said he is undeterred by the latest action. He told The Telegraph: 'Our British bid is strong with upward momentum. 'We expect to announce new funding partners in the near future. We're more confident than ever that what we have to offer is a favourable pathway for the sellers, The Telegraph and journalism writ large.' The British-born entrepreneur acquired The New York Sun in 2021 after running The Algemeiner, a newspaper for the Hasidic Jewish community. He is casting his bid for The Telegraph alongside Mr Hosking and Nadhim Zahawi, the former Conservative cabinet minister, as the 'British bid' in contrast to RedBird's American roots. However, Gerry Cardinale, RedBird's founder, is in talks with at least three potential British minority co-investors, including Lord Rothermere, the owner of the Daily Mail. Following proposed changes to the law banning foreign state ownership of newspapers, IMI is expected to retain a passive stake in The Telegraph of up to 15pc. Mr Efune's chances of disrupting the transaction have appeared to be fading. This week on his X account, he appeared to seek divine intervention by posting 'stand still and see the salvation of the Lord', a quote from Exodus typically interpreted as an appeal to trust in God. The bid's remaining earthly hopes may rest on Mr Efune's efforts to stoke political opposition to RedBird and to Labour's proposed legal changes. His consortium appears further to the Right and more ideological than RedBird's, and has been seeking to exploit a Conservative split over the laws on foreign state ownership of newspapers. Tory leaders have said they will not oppose a 15pc limit but some of the party's peers intend to support a Liberal Democrat 'fatal motion' in the House of Lords. It is unclear how such opposition would deliver The Telegraph to Mr Efune's 'British bid'. Mr Cardinale has told senior managers at the newspaper that he is anxious to complete his takeover as soon as possible to end two years of ownership uncertainty and launch an ambitious growth and investment strategy. Once a deal emerges, a smooth regulatory process could mean The Telegraph is under RedBird's control by September. It would join a portfolio of media and sport assets that includes AC Milan, a significant stake in Liverpool FC and a film studio co-founded with Ben Affleck and Matt Damon. RedBird is also backing the planned $12bn (£8.9bn) takeover of the Hollywood giant Paramount, the owner of CBS in the United States and Channel 5 in Britain. If the Culture Secretary Lisa Nandy refers The Telegraph deal to the Competition and Markets Authority for a full investigation of competition and plurality concerns, the timeline would be extended by several months. She could also impose legal restrictions on Mr Cardinale's ability to work with Telegraph management in the meantime.
Auto Express
4 days ago
- Automotive
- Auto Express
Can't find someone to fix your car? It could be down to declining motor apprenticeships
Experts have warned that a decline in the number of young people applying for automotive-related apprenticeships and qualifications could lead to a 'perfect storm' in which drivers may be unable to find a skilled technician to work on their car as the UK's motorparc continues to grow. The latest Automotive Education Report from the Institute of the Motor Industry (IMI) reveals that in the final quarter of 2024, automotive qualifications dipped by four per cent year-on-year. This is at odds with a six per cent rise in the number of vocational technical certifications overall and reflects what the IMI describes as a 'longer-term slowdown' in talent filtering into the sector. Advertisement - Article continues below The slump in the number of qualifications issued has continued into 2025, and the first half of the 2024/25 academic year (September-March) has seen a three per cent overall drop year-on-year in automotive apprenticeship starts. All of this might seem trivial, but the IMI's head of research for careers and inclusion, Emma Carrigy, said: 'With the number of vehicles on UK roads rising, and the number of technicians training to repair and maintain them falling, UK motorists face an increasing risk of being unable to find someone qualified to properly look after their car'. Skip advert Advertisement - Article continues below Carrigy said such a scenario is 'creating a perfect storm for UK road safety'; fewer available technicians means owners are more likely to drive around in damaged and potentially dangerous cars. So what's going on? Well, the IMI says that the main drops in technical qualifications lie in the areas of mechanical, electrical and trim (MET), as well as accident repair. Conversely, the majority of focus now appears to be on EV training, with electric and hybrid car qualifications making up almost half (44 per cent) of certifications in the final three months of last year. That said, the total number of EV qualifications fell by six per cent in 2024 compared with 2023, which is far from ideal when you consider the significant number of new EVs hitting the roads. Garages are now also subject to the recent increase in National Insurance contributions, meaning fewer are able to find the funds to employ more technicians. Things are made even worse by sky-high energy and equipment prices, which ultimately places car maintenance firms under further strain and at the risk of closure. Things could be set to improve, however, because the Government recently announced a shake-up to its funding for training schemes; Education Secretary Bridget Phillipson MP said that there will soon be as many as 120,000 new apprenticeship and training opportunities across all sectors before the next general election – which is crucial, given that IMI figures suggest firms are currently focusing on upskilling existing staff, rather than employing and training new personnel. Our Car Tax Checker tool lets you check your tax status and renewal date in seconds. Check your VED car tax now... Find a car with the experts It's only a matter of time before Jaguar Land Rover builds a factory in the USA It's only a matter of time before Jaguar Land Rover builds a factory in the USA Mike Rutherford thinks Jaguar's 'Reimagine' strategy will result in the company exploring further opportunities in the USA Slow death of the manual car revealed in exclusive new data Slow death of the manual car revealed in exclusive new data There are now very few manual cars available to buy, a trend that's been exacerbated by the rise of EVs Car Deal of the Day: Nissan's X-Trail is a do-it-all seven-seat hybrid SUV for only £235 a month Car Deal of the Day: Nissan's X-Trail is a do-it-all seven-seat hybrid SUV for only £235 a month If the Qashqai is too small for you, then the larger X-Trail is a fine alternative. It's our Deal of the Day for 25 May
