Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Odey slams BSkyB’s European plans

Odey slams BSkyB’s European plans

Odey Asset Management has voiced its opposition to plans by BSkyB to enlarge its stake in Sky Deutschland without paying a premium.

BSkyB has confirmed that it is in ‘preliminary discussions’ with 21st Century Fox about acquiring the latter’s pay-TV assets in Germany and Italy, which include 57% of Sky Deutschland.

BSkyB stated that in the case of Sky Deutschland it would ‘make this offer without a premium’.

This prompted Crispin Odey's (pictured) firm, which owns approximately 8% of Sky Deutschland, to come out against the deal publicly.

‘The current proposal, a nil premium takeover of the minorities of Sky Deutschland AG, significantly understates the value of the company,’ Odey said in a stock exchange announcement.

Odey’s position in Sky Deutschland is held across several funds, including 6.5% of Citywire + rated Crispin Odey’s (pictured) own £1.6 billion Allegra International fund, 7% of James Hanbury’s £894 million Absolute Return fund, and 2.1% of AA-rated Peter Martin’s £252 million Odey Portfolio fund.

At 2.50pm Sky Deutschland was up 10% at €6.95, while BSkyB was down 2.1% at £8.71p.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter