A woman uses a cash machine at a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett/File Photo
Lloyds Bank (LLOY.L) said it had received the 1.2 billion pounds ($1.52 billion) it was owed by the Barclay family on Monday, meaning the bank will play no further role in determining the ownership of the Telegraph newspaper.
Lloyds seized control of the Barclay’s Telegraph Media Group in June following a long-running dispute over the debt.
The Barclays have since teamed up with Abu Dhabi-backed RedBird IMI, to repay the debt in a plan to hand control of the right-leaning newspaper and the Spectator magazine to RedBird IMI through a debt-for-equity swap.
The British government, however, on Friday blocked the transfer of the assets to RedBird IMI until it had investigated whether any takeover would have an impact on freedom of expression under the new owner.
($1 = 0.7891 pounds)
Reporting by Sarah Young, Editing by Paul Sandle
