Macquarie Bank targets Fairfax
January 25, 2006
NEWSPAPER publisher John Fairfax is the target of a potential takeover by a consortium of bidders, including Macquarie Bank.
Plans were afoot in Europe to put together a consortium to bid for Fairfax in what would be a $3 billion-plus takeover, The Australian newspaper reports.
Advertising industry executive Harold Mitchell said the group was keen to involve the London-based former newspaper executive Doug Flynn, who was reportedly headhunted unsuccessfully last year to take over from former Fairfax chief Fred Hilmer.
Mr Mitchell said a move on Fairfax would require the backing of big financial institutions and newspaper experience.
"I'm sure it's happening," he was quoted as saying.
Macquarie Bank was rumoured to be among the companies interested in forming a takeover consortium.
"Macquarie's got all these people in London just thinking up ideas," Mr Mitchell said.