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News Corp warns Cable over Sky deal

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first_imgWednesday 17 November 2010 8:57 pm Tags: NULL NEWS Corp’s European boss James Murdoch has called on regulators to back his firm’s £7.8bn bid for BSkyB or risk losing its investment in the “world leader” digital TV operation.Business secretary Vince Cable has asked media regulator Ofcom to investigate whether the takeover would harm “media plurality”. The European Union could also launch a full competition probe. Murdoch, who is also chairman of Sky but has agreed to remain absent from the bid, said: “While we do not think the grounds for a public interest or a plurality intervention are very strong, I do think that governments need to make some choices.”He added: “From a policy perspective, the government needs to assess the benefits of having a digital TV business that is a world leader centred in the UK marketplace, with all of the things that it brings, versus potentially jeopardising an £8bn investment in the UK with a prolonged kind of plurality process.”The approval processes could take until the middle of next year, during which time the market value of Sky is likely to grow as the UK’s leading pay-TV operator reaps the benefits of past investments.News Corp, whose chief executive is James’s father Rupert, said in June it wanted to buy the 61 per cent of Sky it does not already own. The two parties failed to agree on a price and have been seeking regulatory approval before further talks.Commentators have suggested that News Corp could dispose of the loss-making Sky News TV channel to appease regulators.But Murdoch said the possibility of making disposals to secure approval for the proposed deal had not been discussed. He said: “We are at a very early stage in this process, so it is dramatically premature to be commenting on theories that have not even surfaced yet.”Sky’s independent directors have said they would be prepared to support a bid of above 800p a share from News Corp, which has offered 700p per share, or a total of £7.8bn.Sky chief executive Jeremy Darroch said he expects the firm’s profit margins to increase in coming months. Share whatsapp News Corp warns Cable over Sky deal center_img Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeCuteness56 Animal Puns For a Quick LaughCutenesscutenova.comTake a Peek at 10 of the Most Expensive Houses in the Worldcutenova.comBewadaMan Decides to File for Divorce After Taking a Closer Look at This Photo!BewadaDinnerZUTop 5 Foods That Help Lose Weight FastDinnerZUHealth.recetasgetHeart Attack Early Warning Signs and SymptomsHealth.recetasgetCleaning Services | Search AdsHere’s What Cleaning Services In Scottsdale Should Actually CostCleaning Services | Search AdsAmoMediaMan Leaves Wife For Her Sister, Her Revenge Is BrilliantAmoMediaPlumbing ServicesPlumber Prices In Scottsdale might surprise YouPlumbing Services5log – Livinguard®This mask has been sold out in Germany 5 days after the government has tighten up5log – Livinguard® whatsapp KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wraplast_img read more

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Bankers on Sanofi deal bag $125m

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first_img Bankers on Sanofi deal bag $125m KCS-content Share Show Comments ▼ whatsapp whatsapp Tags: NULL Advisers to the $20.5bn-plus (£12.75bn) Sanofi-Aventis takeover of US biotech firm Genzyme will walk away with an estimated $125m in fees, corporate finance house Freeman & Co said yesterday.Banking teams for both sides, which include JPMorgan and Goldman Sachs, will earn around $60m each for the nine months of work it took to close the deal.Sanofi’s lead financial advisers – New York-based Evercore Partners and JPMorgan Chase – will earn $50m-60m, while Genzyme’s bankers, Credit Suisse and Goldman Sachs, should take home $53m-65m. A further $120m of lending and M&A fees will be paid to JP Morgan and French banks BNP Paribas and Societe Generale, which arranged an estimated $15bn in loans for Sanofi, Freeman said.Paris-based Sanofi will pay $74 in cash per share plus a contingent sum dependent on Genzyme’s experimental drug Lemtrada.Evercore’s team included founder Roger Altman and senior managing director Francois Maisonrouge, who advised on Pfizer’s $68bn takeover of Wyeth in 2009. JPMorgan’s work was led by its vice chairman of investment banking, Robbie Huffines. The Credit Suisse team included vice chairman Scott Lindsay while Goldman’s side included managing director Marshall Smith. Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap Wednesday 16 February 2011 9:17 pmlast_img read more

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