RUSSIAN TYCOON Alexander Lebedev is understood to be bringing a wealthy Egyptian partner into his proposed takeover of Independent News Media’s (IN&M) London Independent titles.
Sources close to the deal said the owner of the London Evening Standardwas trying to persuade the Sawiris family to join him in his latest UK media venture.
Mr Lebedev, a former KGB spy, has told associates that he expects Egyptian billionaire Samih Sawiris to invest in the Independentand Independent on Sunday. The men are already partners in a chateau development in Switzerland, it is understood. The details of the proposed agreement with one of three billionaire sons from Egypt's wealthiest family are unknown. The Sawiris are Coptic Christians with a track record of opposing Muslim extremism.
The source said yesterday that Mr Lebedev and Samih Sawiris had become close and were talking about other business projects in Russia and elsewhere. There was no immediate response from Mr Lebedev to inquiries on a possible takeover.
The Russian billionaire, who is in non-binding talks with IN&M over the sale of the Independentand Independent on Sunday, has given few details of his offer.
Negotiations are due to conclude by February 15th. IN&M's pension deficit and printing deals are understood to be the stumbling blocks. Mr Lebedev indicated last week there was as yet no deal with IN&M. His surprise attempt to bring in a new partner will suggest to some that he lacks the resources to buy and rescue the Independentand Independent on Sundayon his own. – (Guardian service)