Belgian-based media group Mediahuis moved a step closer to winning its battle for the sole remaining large Dutch-owned newspaper group TMG, the Telegraaf reported on Monday.

Mediahuis said on Sunday it was going to exercise its right to the 11.24% block of TMG shares held by insurer Delta Lloyd. The Delta Lloyd stake together with a block of TMG shares acquired from Navitas (the Zeeman textile family) bring Mediahuis’s shareholding in TMG to 17.94%.

TMG is publisher of Holland’s largest newspaper the Telegraaf and several regional papers. If the Belgian bid succeeds, all the main Dutch daily papers will be in Belgian hands.

In December Mediahuis and VP Exploitatie, the  investment vehicle of long-term TMG shareholder the Van Puijenbroek family announced a joint €5.25 per share bid to acquire TMG. This was later raised to €5.90 a share, the price paid for the Delta Lloyd shareholding. The combine now has a 59.24% stake in TMG.

Dutch television producer John de Mol had made a rival €5.90 per share bid for TMG and his Talpa holding company now has a 20% shareholding in TMG.