Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a750694

Odey slams BSkyB’s European plans

by Robert St George on May 12, 2014 at 14:59

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 here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment


With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Look up the funds

  • CF Odey Portfolio Sterling R Acc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • CF Odey Absolute Return Institutional GBP
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Odey Allegra International Sterling
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the shares

  • British Sky Broadcasting Group PLC (BSY.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the fund managers

  • Peter Martin
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Crispin Odey
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • James Hanbury
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

On the road

Click here to find out more from the Audience Development team.

Read more...

How is regulation feeding the outsourcing trend?

on Jul 24, 2014 at 10:59

Sorry, this link is not
quite ready yet