New twist in the Telegraph saga

LORD Black is to appeal against the decision of the American court that blocked his attempt to sell the Telegraph newspapers to the Barclay brothers.

Black will appeal to the Delaware Supreme Court against the decision of judge Leo Strine who two weeks ago prevented him selling Hollinger Inc to the Barclay brothers for £263 million. It controls Hollinger International which in turn owns The Daily Telegraph.

Hollinger Inc said: 'As we previously indicated, Hollinger Inc and Lord Black respectfully disagree with Vice Chancellor Strine's view of the facts and equities in his decision. Accordingly, we are exercising our right to seek review of the decision by the Delaware Supreme Court.

'Notwithstanding our challenge to the decision, we continue to support the efforts by Lazard [investment bank] to achieve full value for shareholders.'

The group has a 72.4% voting stake and a 30% shareholding in Hollinger International, which owns the Telegraph group. Black controls Hollinger Inc through his personal investment vehicle Ravelston.

Meanwhile, the auction of Hollinger International and its assets continues.

Potential bidders, who have the option to combine to make joint offers for Hollinger or its assets, include the Daily Mail & General Trust (publisher of The Mail on Sunday), venture capital groups Candover, 3i, and Apax, USA Today owner Gannett, and Daily Express publisher Richard Desmond.