BSkyB snaps up bigger stake in Sky Deutschland

PAY TV group BSkyB said yesterday it would own at least 69 per cent of Sky Deutschland once the takeover period closes, after more minority investors than expected signed up for the offer.

The UK’s dominant pay TV provider agreed in June to pay $9bn for Rupert Murdoch’s 57 per cent stake in Sky Deutschland and all of Sky Italia, to create a media company with 20m customers.

Under stock market rules, BSkyB extended its €6.75 per share offer for the German business to other shareholders.

But the bid was pitched at a small premium to Sky Deutschland’s price before the deal and the British company had said it was happy to only take the 57 per cent stake.

The group said yesterday, however, that the combination of the acceptances received during the initial acceptance period and the Murdoch 21st Century Fox stake would result in it acquiring a minimum of 69 per cent.

A further acceptance period will run until 3 November.

BSkyB boss Jeremy Darroch said last week: “I wouldn’t be surprised if we get a lot more take up and I think the volatility we are seeing is probably making people reflect on that.”

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