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Sky shareholders approve pay TV takeovers

BSkyB’s shareholders voted overwhelmingly in favour of the firm’s proposed acquisition of Sky Italia and Sky Deutschland at its general meeting yesterday.

Jeremy Darroch croppedAccording to a filing to the London Stock Exchange, 96% of BSkyB’s independent shareholders voted in favour of the deal, which will see BSkyB buy 21st Century Fox’s interests in the two firms.

The vote comes after the European Commission approved the deal last month, clearing the way for the creation of Europe’s largest pay TV operator.

The Jersey Competition Regulatory Authority and national media authorities in Austria and Italy have also given the green light to the agreement.

However, last month the executive board of Sky Deutschland had advised minority shareholders against accepting BSkyB’s bid for overall control of the company, saying it undervalues the pay TV operator.

“Completion of the transaction remains subject to the satisfaction of certain other conditions, including approval of the German state media authorities,” said BSkyB in the filing. It said more updates will be made “in due course”.

BSkyB announced in July that it has entered into conditional agreements with 21st Century Fox to acquire 21st Century Fox’s 57.4% interest in Sky Deutschland and 100% stake in Sky Italia.

Last month it successfully priced a £3.25 billion (US$5.2 billion) series of bonds to help finance the deal.