The House of Lords this week approved government legislation that will allow foreign states to hold up to a 15% stake in British newspaper publishers.
This vote clears the way for the American investment company Redbird to take control of the troubled Telegraph newspaper group following two years of uncertainty. An integral element of that bid is a 15% stake by the sovereign investment fund IMI which is owned by Sheikh Mansour bin Zayed Al Nahyan, the vice-president of the United Arab Emirates.
