DENIS O'BRIEN'S declared shareholding in Independent News & Media (INM) has been diluted to 21.07 per cent from 22.16 per cent after the completion of an all-share deal in which the company acquired the 50 per cent stake in African advertiser Clear Channel Independent that it did not already own.

US group Clear Channel International received a 4.7 per cent stake in INM as consideration for its stake in that business as a result of the issue of 39 million ordinary shares in INM.

Following closure of the deal, Sir Anthony O'Reilly's stake in INM was diluted to 26.63 per cent yesterday from the 27.94 per cent he declared on Thursday.

Other INM directors now hold 1.42 per cent of the company, bringing the combined stake of all directors to 28.05 per cent.

Marathon Asset Management now owns 5.51 per cent of the business and Bank of Ireland Asset Management holds 2.89 per cent.