Apr 7, 2017

Brussels clears Sky takeover by 21st Century Fox

The European Commission has unconditionally approved the £11.7bn takeover of Sky by 21st Century Fox, saying it would raise no competition concerns in Europe. A spokesman for the US company said: "21st Century Fox welcomes today's decision by the European Commission clearing unconditionally its proposed transaction to acquire the outstanding shares of Sky that it does not already own. We now look forward to continuing to work with UK authorities and are confident that the proposed transaction will be approved following a thorough review process." Fox's £10.75 a share offer for the 61 per cent of Sky it does not already own is the latest attempt by Mr Murdoch to gain control of the broadcaster. Opponents of the merger, such as Ed Miliband, the former Labour leader, and Sir Vince Cable, the former business secretary, have raised concerns that Sky News might become a British version of the rightwing Fox News Channel. Shares in 21st Century Fox were little changed in New York on the news, while Sky's stock in London closed flat at 963p, well below the offer price.

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