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(回答先: 謎めいたHollingerグループの経営危機その背後に何かが？？ 投稿者 佐渡島三郎 日時 2003 年 4 月 17 日 09:42:14)
16 April 2003
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Casualties in the price war
Wednesday April 16, 2003
The Guardian
Lord Black of Crossharbour was better known by the plainer name of Conrad Black when he had his most memorable clash with the City nearly a decade ago.
In May 1994 Hollinger owned 66% of the Telegraph Group, then listed on the London Stock Exchange. Few eyebrows were raised that month when Hollinger announced that it had sold 12.5m shares for £73m, cutting its stake to 57%.
Controversy erupted a month later, however, when the Daily Telegraph entered into a price war with Rupert Murdoch's News International, hammering its share price. The broadsheet slashed its cover price to 30p, while the Times dropped to 20p. Institutions paid 540p per share in the stock sale in May that year, but the price cut sent down Telegraph group shares to 349p, infuriating investors who had bought shares at peak value only to see them savaged soon after.
Cazenove, the venerable City institution, resigned as the company's stockbroker within a week. The notoriously reticent firm, which is one of the most powerful brokers in the City, hinted that it was angered by Hollinger's move.
"The facts have to speak for themselves. Cazenove has not made any statement. We informed the company today ... we never do anything lightly," said a senior partner.
The Stock Exchange carried out an investigation into the share sale but said it was satisfied there was no connection between the placing of the stock and the price cut. The Telegraph Group said it was "sorry that Casenove need to take this decision in response to their own business pressures."
The firm has always been fiercely protective of its reputation for persuading institutions to buy large blocks of shares.
Although Murdoch initiated the price war, it never succeeded in toppling the Daily Telegraph from the top of the broadsheet market. The Telegraph's circulation hovers below the 1m mark, but the long-lasting effect of the price cuts was to make British broadsheets dependent on the fickle advertising market for revenues as circulation turnover plummeted.
16.04.2003: Hollinger telegraphs distress as its paper is downgraded to junk status
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