BSkyB shares prices steady july 13 2011, after News Corp pulls bid : Shares in British Sky Broadcasting Group PLC were barely moved by the news that Rupert Murdoch's News Corp. has pulled its takeover bid for the company in the face of vociferous opposition in the U.K. parliament.
In mid afternoon trading Wednesday, BSkyB shares were trading only 0.7 percent lower on the day at 688 pence ($10.97). That's a tad higher than the level they were at when News Corp. said it could not proceed with its bid given the current negative climate.
Analysts said investors had already concluded that the bid was dead in the water.
News Corp.'s move was the latest development in a phone hacking and bribery scandal at the News of the World, which the company closed last Sunday after 168 years.
Shares in British Sky Broadcasting keep falling as markets no longer believe Rupert Murdoch's News Corp. will pursue its takeover bid due to increased political opposition.
Shares were down 1.5 percent at 681.5 pence ($10.86) on the London Stock Exchange Wednesday, extending a sharp drop into the seventh session.
BSkyB shares have fallen from 850 pence early last week as the phone hacking scandal at Murdoch's News of the World has caused public and political fury. Regulatory clearance for a possible bid for the 61 percent of shares that News Corp. doesn't own has been delayed for several months at best. The U.K. government is backing a House of Commons motion urging Murdoch not to pursue the deal.
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