Bank of Ireland Asset Management (BIAM) has cut its stake in Independent News & Media, according to an announcement to the Irish Stock Exchange yesterday. Independent told the market that, on April 5th, BIAM's holding in Independent News & Media stood at 60.75 million shares or 7.92 per cent of its issued share capital.

In January, BIAM held 8.38 per cent - almost 63.9 million units - in the media group, meaning that the financial institution has sold over two million shares since then. Last week, it emerged that telecoms entrepreneur Denis O'Brien is seeking to double his holding in Independent News & Media from 5 per cent to 10 per cent, and has placed an order for the 38 million-plus shares he needs to do this.

While BIAM has sold shares to Mr O'Brien in the past, it is not known if it sold any shares to Mr O'Brien recently.

Market sources said yesterday that there was ongoing speculation about Mr O'Brien's intention to increase his holding in Independent News & Media.

When a shareholder increases or decreases their holding in a quoted company from one percentage band from another - for example, from 6.4 per cent to 5.9 per cent - they are obliged to inform the company, even if the total amount of shares traded is less than 1 per cent.

BIAM wrote last week to Independent News & Media to tell it of the change in its stake.

Independent was then obliged to inform the markets yesterday.

Outside of Independent News & Media chief executive, Sir Anthony O'Reilly, and his family, BIAM is one of the biggest shareholders in the group.