Auction buzz puts fizz into Hollinger

BIDDING for Lord Black's newspaper empire, including the Daily Telegraph, is heating up ahead of this week's deadline.

German publishing giant Axel Springer is the latest believed to be ready to throw its hat into the ring.

Other expected bidders include the Barclay brothers, publishers of The Scotsman and The Business, DMGT, publisher of the Daily Mail, the Mail on Sunday, the London Evening Standard and This Is Money, Richard Desmond, owner of the Daily Express, US-based newspaper company Gannett and venture capitalists Apax Partners, Candover and 3i.

The Barclays only want the Telegraph, and will be looking for a buyer for Hollinger's other assets, including the Jerusalem Post and Chicago Sun-Times. DMGT is bidding in conjunction with venture capital group Cinven.

Hopes for the auction have sent Hollinger's market value leaping 28% in two months to £900m.