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BSkyB takeover plan receives flurry of late submissions | |
(about 1 hour later) | |
A deluge of last-minute submissions on News Corporation's proposed bid for BSkyB is likely to push back any final decision on the deal until September. | A deluge of last-minute submissions on News Corporation's proposed bid for BSkyB is likely to push back any final decision on the deal until September. |
Culture Secretary Jeremy Hunt has received tens of thousands of comments on the deal following the controversy over the phone hacking affair. | Culture Secretary Jeremy Hunt has received tens of thousands of comments on the deal following the controversy over the phone hacking affair. |
The deadline for submissions is Friday, but the flurry of late entries is likely to take several weeks to assess. | The deadline for submissions is Friday, but the flurry of late entries is likely to take several weeks to assess. |
Prime Minister David Cameron said on Friday a decision may take "some time". | |
"Governments must follow the proper legal processes and procedures. That is exactly what Jeremy Hunt is doing. His role is to take the advice of independent regulators. | |
"And, as his department made clear, given the events of recent days, this will take some time," Mr Cameron told reporters. | |
Rupert Murdoch's News Corp, which owns 39.1% of BSkyB, has offered 700p a share for the remainder of the satellite broadcaster. | Rupert Murdoch's News Corp, which owns 39.1% of BSkyB, has offered 700p a share for the remainder of the satellite broadcaster. |
Mr Hunt has previously signalled that he is minded to approve the takeover, subject to News Corp spinning off Sky News. | Mr Hunt has previously signalled that he is minded to approve the takeover, subject to News Corp spinning off Sky News. |
However, the controversy over phone hacking at the News of the World, a paper owned by News Corp, has led to Mr Hunt's department receiving a mass of late submissions. | However, the controversy over phone hacking at the News of the World, a paper owned by News Corp, has led to Mr Hunt's department receiving a mass of late submissions. |
Campaigners against the BSkyB takeover believe that more that more than 200,000 submissions will be lodged by Friday's deadline. | Campaigners against the BSkyB takeover believe that more that more than 200,000 submissions will be lodged by Friday's deadline. |
Labour leader Ed Miliband called for the bid to be referred to the Competition Commission. | |
Rivals gain | |
The 168-year-old News of the World is being closed after it publishes its last edition this Sunday. | The 168-year-old News of the World is being closed after it publishes its last edition this Sunday. |
The tabloid is accused of hacking into phones of crime victims, celebrities and politicians. Police have identified 4,000 possible targets. | The tabloid is accused of hacking into phones of crime victims, celebrities and politicians. Police have identified 4,000 possible targets. |
Shares in BSkyB fell 2.5p to 810p in early trading as investors speculated that the NoW affair would damage News Corp's bid. | Shares in BSkyB fell 2.5p to 810p in early trading as investors speculated that the NoW affair would damage News Corp's bid. |
Alex DeGroote, analyst at Panmure Gordon, said in a research note published on Friday: "Probability of deal collapse much higher now." | Alex DeGroote, analyst at Panmure Gordon, said in a research note published on Friday: "Probability of deal collapse much higher now." |
Shares in other UK media companies rose on hopes they will grab market share from NoW's closure. Trinity Mirror shares rose more than 10%. | Shares in other UK media companies rose on hopes they will grab market share from NoW's closure. Trinity Mirror shares rose more than 10%. |
One of the concerns about the takeover had been that News International, which runs News Corp's UK papers, has too dominant a position in UK media. | One of the concerns about the takeover had been that News International, which runs News Corp's UK papers, has too dominant a position in UK media. |