BSkyB’s shares still rising in News Corp bid row

Shares in BSkyB rose again today as the City gambled on its £8 billion takeover by News Corp still going ahead after the threat of a legal challenge against any ruling by Culture Secretary Jeremy Hunt on the bid.

The shares gained 2p to a 10-year high of 745p, having risen 2% yesterday after Business Secretary Vince Cable was stripped of a say in the bid following his declaration of war on News Corp owner Rupert Murdoch.

Hunt has made several positive comments about Sky and was revealed to have held a private meeting with Murdoch's son James, who heads News Corp's interests in Europe and Asia and is a former chief executive of Sky.

The meeting took place on 28 June, shortly after News Corp announced its plan to bid for the 61% of Sky which it does not already own.

One analyst said: "James Murdoch met Hunt shortly after he had been handed the Culture portfolio.

"Frankly, it would have been surprising if he had not met him. I understand the two have not met since then."

Regulator Ofcom will hand its recommendation on whether there should be a full Competition Commission probe to Hunt on 31 December. He is expected to give his ruling in mid-january but is unlikely to overrule the watchdog.

Several newspaper groups have already made public their opposition to any Murdoch takeover of Sky.

Lawyers said they could call for a judicial review of any decision made by Hunt by claiming he had prejudged the issue.