Sky shares jump on €29bn bid war

Sky shares leaped to an 18-year high yesterday as investors bet that a transatlantic battle for the TV group had further to run after Comcast’s $34bn (€29bn) bid trumped an offer from Rupert Murdoch made just hours earlier.

Comcast, the world’s biggest entertainment group, said it had the backing of Sky’s independent directors for a £14.75 per-share offer that came 16 hours after Murdoch’s 21st Century Fox bid £14. The speed with which Comcast’s Brian Roberts counterbid shows how determined he is to buy Sky, a broadcaster of sports, films and TV shows to 23 million homes across Europe. Sky’s shares rose to £15.45 as investors bet the bidders would have to pay more to secure victory.