The gulf state-backed fund behind a takeover of the Telegraph newspaper group has said it will now withdraw and sell on the business after politicians moved to block the deal.RedBird IMI, an Abu Dhabi-backed fund, last year reached a deal with previous Telegraph owners the Barclay family to take control of the newspaper group - and fellow publication The Spectator - by paying off debts owed to their bank, Lloyds.However, last month the Government said it would bring forward legislation that woul

The gulf state-backed fund behind a takeover of the Telegraph newspaper group has said it will now withdraw and sell on the business after politicians moved to block the deal.RedBird IMI, an Abu Dhabi-backed fund, last year reached a deal with previous Telegraph owners the Barclay family to take control of the newspaper group - and fellow publication The Spectator - by paying off debts owed to their bank, Lloyds.However, last month the Government said it would bring forward legislation that would block such state-backed takeover deals in the industry.