The US private equity giant is considering a £1.8billion bid for Trader Media, controlled by loss-making GMG, publisher of the Guardian newspaper.
Afferro, which owns three iron ore mining projects in Cameroon, West Africa, said this month that it had received approaches from a number of possible buyers.
While the headlines about banks this year have focused on mis-selling, money-laundering and the fixing of Libor, their shareholders might be forgiven for thinking they have had quite a good year.
The Indian tycoon who bought Jaguar Land Rover, Tetley Tea and Corus calls time on his glittering career.