The Week: City news - No Indy offer from Lebedev

Gavin O'Reilly, Independent News & Media's chief executive, has denied that Alexander Lebedev has made a formal offer to buy The Independent and The Independent on Sunday. O'Reilly claimed that talks with Lebedev, the owner of the London Evening Standard, were about operational issues in the shared office space at Daily Mail & General Trust's London headquarters. Separately, IN&M has said it is hopeful of refinancing a EUR200 million bond by 26 June, although it cut its pre-tax profit forecast for 2009.

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