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BERMUDA, Feb 20 (Reuters) – The BERU daily newspaper is one of the most-read and best-circulated news sources in the world, but it is still dominated by a small, well-funded elite of a few people.

It is owned by a German billionaire who, according to an internal document obtained by Reuters, wants to buy it out to give it “a new, high-profile presence.”

It is a move that could reshape the business of a small daily newspaper that has had a history of publishing some of the world’s most famous stories.

It would also leave the owners in a tricky position.

It is not the first time the BERP newspaper has been floated in the financial world.

The paper’s editor, Klaus Bischoff, was a former chief executive of German state pension fund Hesse Investment Management AG (HLMG).

In 2006, the company purchased the newspaper, which is based in Munich, for about €2 billion ($2.1 billion).

“I can see the BERG [Berlin Post] going out of business,” said the newspaper’s editor and publisher, Michael Lopata.

“It is going to be a big shock.

I know people are talking about it.

It will make it a lot harder for me.”

In an interview, Lopatas said the owner of the newspaper was not a member of his staff but a friend of his who wanted to make a name for himself in the media world.

He did not want to be named because he said he did not wish to damage the Berg.

He said he had met BERG CEO Karl-Heinz Grundling a few years ago and that he had wanted to buy the paper.

“But he was a businessman who had no need to buy us,” Lopatias said.

Lopatatis and the newspaper owners declined to comment on the details of the internal memo.LOPATA said he and his colleagues had already spent more than €1 billion on acquisitions of other media outlets, including newspapers and magazines.

He and his wife, an artist, have a five-year-old son and two daughters.

Lopes said he has spent about €30 million ($38 million) so far to make BERG the best-selling daily newspaper in Germany.

The BERG is now owned by Grundlings’ daughter, Doris.

Lops said he is working on an offer to buy BERG for about twice as much, although the terms have not been finalized.

He added that he would be willing to pay €1.5 billion ($1.7 billion) for the paper if he could get the necessary approvals from the German government.

(Reporting by James Gibbons in Berlin; Editing by Rosalind Russell)