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INDEPENDENT NEWS & Media will seek to extend the maturity of a €600 million debt falling due next year following the public rapprochement between rival investors Denis O’Brien and Sir Anthony O’Reilly, whose 36-year dominance of the firm will end with his retirement in May.

In the face of a collapse in Independent’s share price, years of at times bitter antagonism between the company’s two largest shareholders came to end yesterday. Mr O’Brien’s declared support for the selection of Sir Anthony’s son Gavin as chief executive after his retirement from the post and Independent agreed to the appointment of three directors to represent Mr O’Brien on its board.