Three British newspapers are to defy a court ruling that they must hand over leaked bid documents to Interbrew SA, the Belgian brewer, the Financial Timesreported.
It said in letters sent to solicitors for Interbrew and to the Financial Services Authority - which also wants the documents - the FT, The Guardianand The Timessaid the brewers' lawyers, who plan to arrive at their offices today, were wasting their time.
The FT said the newspapers also indicated they intend to pursue the matter to the European Court of Human Rights. It said Reuters would also petition the Strasbourg court, and wanted the case stayed.
The Independent, the fifth group named in the court order, was last night reserving its position as to what it would do.
The FT pointed out that if the organisations do not comply, they risk being found in contempt of court and the companies and their directors could be fined or jailed.
The documents, allegedly doctored, outlined a possible bid by Interbrew for South African Breweries PLC.
The FSA is carrying out a probe into possible rigging of the market.
Mr Andrew Gowers, editor of the FT, is quoted saying if newspapers revealed sources whistle-blowers would be put off.
"At a time when corporate malfeasance is in the air whistleblowers have a key role to play in uncovering fraud," he said.
AFP