Nhim Zahawi on Telegraph bid

Former UK finance minister Nadhim Zahawi is reportedly preparing a £600 million bid for the Daily Telegraph, its Sunday edition, and The Spectator magazine. Having stepped down from his Stratford-on-Avon parliamentary seat earlier this year, Zahawi is seeking billionaire backers, including the Reuben family, to finance the acquisition. The deal follows a previous arrangement where Zahawi acted as a middleman for the Barclay family to regain control of the debt-laden newspaper assets. Although he has yet to submit a formal offer, Zahawi is optimistic about securing the necessary funding. The potential takeover comes as the Telegraph's current owner, RedBird IMI, has put the titles back up for sale amid changing UK legislation on foreign newspaper ownership. Zahawi's ambitions include expanding the Telegraph's market presence in the US, suggesting a strategic vision for the publication's future.