INL shareholders approve Telecom sale

Independent Newspaper's shareholders have approved Telecom's plan to sell its 12 per cent stake in INL to Rupert Murdoch's News Corp.

News will pay $272 million, or $6.19 per share, for the shares.

INL's independent directors last month recommended that shareholders approve the deal.

News holds a 43.7 per cent stake in INL. If the proposed merger between INL and Sky TV proceeds, News' shareholding in the new company will be 43.6 per cent - including the stake from Telecom.