News Corp. supports on with a lot of BSkyB, pavilions memorandum of intent with EC
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A memorandum of intent formalising plans has been placed on the website of the European Commission this morning.
Move launches the first step in a legal process for 25 days.
In recent weeks, the European Commission informally asked questions about how the News Corp will handle rights future agreements if it were to fully acquire BSkyB.Une official inquiry by the Commissioner of competition, Joaquín Almunia, start now.
News Corp made an indicative offer 700 p-a-part of BSkyB, which has a value of the company ￡ 12. 6bn — a figure that BSkyB Board described as undervaluing significantly the assets.
Nicholas Ferguson, Deputy Chairman of BSkyB, said none listed below 800 p is acceptable, and it is said that he was the complete agreement of this approach, including Allan Leighton, Royal Mail, President and former Executive Director of Asda Board.
Some institutional shareholders have stated that they would like to see a considerably higher than 800 p offers.
Confirmation of filing new society appear in the Official Journal of the European Union tomorrow.
The it is now 25 working days from today to decide if yes or no acquisition project assumes an investigation.
News Corp is trying to fend off a potential challenge of Vince Cable, the Secretary of the UK business concerns that the company based in New York may harm the public interest by expanding its UK media control.
A joint letter, the Director General of the BBC, Mark Thompson and log Associated Newspapers (Daily Mail owners), Telegraph Media Group and Guardian News & Media reported that Mr. Cable should review the agreement .they groups say that the takeover would expand control of News Corp. Media UK.
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