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BLACK TO SELL STAKE IN OZ’S FAIRFAX

SYDNEY (Reuters) – Canadian media tycoon Conrad Black will sell his 25% stake in Australia’s Fairfax group, which could help clear the way for billionaire Kerry Packer to take control of the country’s oldest newspaper empire.

Under a deal approved by the Australian government, Black’s Hollinger Intl. will sell 20% of John Fairfax Holdings Ltd. to New Zealand’s Brierley Investments Ltd. for A$447.1 million ($353.2 million), Brierley said on Monday.

Brierley said it also had a conditional agreement to purchase the remaining 5% stake held for another $84.3 million, subject to Fairfax shareholders approval.

Brierley is an investment group based in Auckland, New Zealand, noted for taking strategic stakes in companies and then selling at a profit.

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