BSkyB has 'no intention' of launching ITV takeover

Published on Monday 20 November 2006 13:00

BROADCASTER BSkyB insisted today that it had no intention of launching a takeover bid for ITV after acquiring 19.9 per cent of its shares in a surprise £940 million deal last week.

BSkyB, part of media mogul Rupert Murdoch's global empire, said in a statement it would not acquire shares exceeding its existing stake, or make an offer for its remaining share capital.

It said it was constrained under the Communications Act 2003 from holding in excess of 20 per cent of ITV.

Many analysts said BSkyB's stakebuilding was just a tactic to stymie a possible bid for ITV by NTL, which has been touted as a possible suitor for the troubled commercial broadcaster.

BSkyB added it would like to be a "supportive shareholder".

The firm said: "British Sky Broadcasting have confirmed to ITV that they have no intention of acquiring shares in ITV resulting in their total stake exceeding 19.9 per cent, or of making an offer for the whole of ITV's remaining share capital."

It added: "British Sky Broadcasting has further confirmed their wish to be a supportive shareholder, working constructively with ITV, and exploring options to create value for all shareholders."