Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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.
Your Business: Cover Star Club

Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

Wealth Manager on Twitter