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P.M. BRIEFING : Press Baron Ends Takeover Talk

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From Times Wire Services

Press baron Conrad Black has sold off his 3.5 million shares of Southam Inc., a move that ends speculation that Black might try to gain control of the communications giant.

The shares, which amount to about 5% of Southam stock, were sold to investment firms RBC Dominion Securities and Gordon Securities at a price of about $33.

The price was roughly $1 a share less than they were selling Friday at the close of trading. The Toronto Stock Exchange was closed Tuesday and Monday, Christmas Day.

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The exchange, which halted trading in Southam shares for about an hour this morning, announced that RBC Dominion Securities Inc. would redistribute 3.2 million shares of Southam at about $33.

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