BSkyB shares fall amid fears of takeover block

SHARES in British Sky Broadcasting continued to fall on worries that News Corp’s takeover bid might be blocked, getting no immediate relief from the company’s announcement late in the day that it was closing the scandal-racked News of the World.

Shares were down 1.8% at 812 pence at the close, extending losses over three days to 4.5%. They had traded as high as 850 pence on Monday, before it was alleged that the newspaper had hacked the phone of murdered schoolgirl Milly Dowler. The paper also allegedly hacked the phones of grieving families, celebrities, royals and politicians in a quest for attention-grabbing headlines.

Rupert Murdoch’s News Corp, the paper’s owner, has gained preliminary clearance by the British government to bid for the 615 of BSkyB shares it doesn’t own.