Gazprom, the Russian state-controlled oil and gas giant, held talks over mounting a rival $5 billion-plus offer for Dow Jones, publisher of The Wall Street Journal, to see off the bid from News Corporation.

A regulatory filing with the US Securities and Exchange Commission revealed that Dow Jones had received several other solicited and unsolicited approaches besides News Corp’s $60-a-share bid.

One of the approaches, on July 10, was from “an international oil and gas company”, which a source later confirmed was Gazprom.

It is not known how advanced the talks were, or whether they were conducted through an intermediary. The filing went on to say that no specific proposal was ever received from the company, which was identified only as “Company F”.

However, the fact that the Russian oil major was contemplating a bid underscores Gazprom’s and Russia’s global ambitions.

The group is the world’s largest gas company, owning 17 per cent of the world’s known gas reserves, and it provides a quarter of Europe’s gas supply.

Gazprom has, however, diversified into several other businesses, including agriculture, automotive and media. Its Russian media assets include several Russian television and radio stations. The Wall Street Journal would have provided a gateway to Western media.

If Gazprom had proceeded, it is thought highly unlikely that The Wall Street Journal would have been allowed to fall into the hands of a state-backed Russian company. The United States has already blocked several key takeovers of US assets by foreign nationals. Most recently, it forced Dubai Ports World to sell off the American business of P&O after Dubai acquired the British ports and ferries operator.

In 2001, Gazprom bought NTV, Russia’s only nationwide state-independent television station. In June 2005 it took control of Izvestia, an influential Russian newspaper. One source said yesterday that Gazprom was more likely to be a seller of those assets than to accumulate more. It also owns Russia’s third-largest bank, an insurance company and an airline.

Gazprom’s ties to the Kremlin are helped by having Dmitri Medvedev, Russia’s First Deputy Prime Minister, as its chairman. Other board members include German Greef, the Trade Minister, and Viktor Khristenko, the Energy and Industry Minister. In July Russian lawmakers gave the green light for Gazprom to create its own private army.

News Corp, parent company of The Times, clinched a deal to acquire Dow Jones last month after gaining the backing of the controlling Bancroft family.

People close to Gazprom declined to comment on what they called rumours and speculation.

The SEC filing on Friday has started the clock ticking for a final vote by all Dow Jones shareholders at a meeting expected to be held next month.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive