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.
Citywire TV
Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Wealth Manager on Twitter