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BSkyB takeover set to be heavily scrutinised

Competition laws could also be a barrier to the move

16 June 2010

News Corporation's proposed £12 billion takeover of BSykyB is expected to be heavily scrutinised by regulators.

The Rupert Murdoch-owned firm has made a 700 pence per share bid for the remaining 61 per cent stake in BskyB it does not already own.

The move is likely to be subject to review from UK regulators, such as the Office for Fair Trading, who will consider if the deal would breach competition laws.

David Defoe, the group's chief financial officer, was confident that the merger would eventually go through.

He said: "We expect a straightforward regulatory process [from filing to completion] to take about six months but it could take significantly longer," the Guardian reports.

However, his optimism was not shared by Sky sources, who claimed there was "considerable uncertainty" over whether regulatory issues would scupper the deal.

After consulting financial advisers Morgan Stanley and UBS, BskyB rejected the initial bid, claiming it severely undervalued the firm.

It is expected to welcome an offer of 800 pence per share.

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