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Murdoch rules out bid for Yahoo Murdoch rules out bid for Yahoo
(about 9 hours later)
Rupert Murdoch appears to have ruled out launching a rival takeover bid for internet search engine Yahoo. Rupert Murdoch has played down speculation that he is interested in launching a rival takeover bid for internet search engine Yahoo.
"We are definitely not going to make a bid for Yahoo," said the chairman of media giant News Corporation."We are definitely not going to make a bid for Yahoo," said the chairman of media giant News Corporation.
However, Mr Murdoch then added the rather less definite: "We are just not interested at this stage". However, Mr Murdoch then added: "We are just not interested at this stage."
Yahoo received a $44.6bn (£22.65bn) takeover approach from software giant Microsoft on Friday. News Corporation was seen as a potential rival suitor.Yahoo received a $44.6bn (£22.65bn) takeover approach from software giant Microsoft on Friday. News Corporation was seen as a potential rival suitor.
Google's concernGoogle's concern
While Yahoo's board continues to say it is considering its position, Microsoft says the proposed takeover would create a "strong number two competitor" to search engine leader Google.While Yahoo's board continues to say it is considering its position, Microsoft says the proposed takeover would create a "strong number two competitor" to search engine leader Google.
Microsoft is keen to better compete with GoogleMicrosoft is keen to better compete with Google
Google itself has said it finds Microsoft's unsolicited approach for Yahoo "troubling", and has called for it to be investigated by regulators.Google itself has said it finds Microsoft's unsolicited approach for Yahoo "troubling", and has called for it to be investigated by regulators.
In a blog, Google said the tie-up could unfairly limit the ability of consumers to freely access competitors' email and instant messaging services.In a blog, Google said the tie-up could unfairly limit the ability of consumers to freely access competitors' email and instant messaging services.
It said Microsoft had previously sought "to establish proprietary monopolies".It said Microsoft had previously sought "to establish proprietary monopolies".
Online advertisingOnline advertising
Microsoft chief executive Steve Ballmer counters that a combined Microsoft and Yahoo would better rival Google, and therefore create stronger competition in the market for online advertising.Microsoft chief executive Steve Ballmer counters that a combined Microsoft and Yahoo would better rival Google, and therefore create stronger competition in the market for online advertising.
"Google's clearly got a dominant position. They've got about 75% of paid search worldwide," Mr Ballmer said."Google's clearly got a dominant position. They've got about 75% of paid search worldwide," Mr Ballmer said.
Despite Microsoft's deep pockets, the software giant has revealed it may have to go into debt for the first time to finance its $44.6bn combined cash and share offer for Yahoo.Despite Microsoft's deep pockets, the software giant has revealed it may have to go into debt for the first time to finance its $44.6bn combined cash and share offer for Yahoo.
Microsoft's proposed bid, unveiled in a letter to Yahoo's board on Friday, is 62% above Yahoo's closing share price on Thursday.Microsoft's proposed bid, unveiled in a letter to Yahoo's board on Friday, is 62% above Yahoo's closing share price on Thursday.
In addition to News Corporation, other firms named as potential rival Yahoo suitors are Time Warner, AT&T and Comcast.In addition to News Corporation, other firms named as potential rival Yahoo suitors are Time Warner, AT&T and Comcast.