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Crispin Odey makes Sky Deutschland U-turn

The finance company owned by Rupert Murdoch’s former son-in-law, Crispin Odey, has agreed to sell almost all of its minority stake in the Sky Deutschland.

Odey and Odey Assett Management had initially resisted BSkyB’s offer to buy the outstanding shares in the German pay TV platform. However, it has now confirmed that it will offload 97% of its shareholding – of about 8% – in the company, which is now part of the wider BSkyB-backed Sky Europe operation.

Ahead of the Sky Europe deal, Odey’s holding in Sky made it the pay TV firm’s second largest shareholder, behind 21st Century Fox.

In July Odey said BSkyB’s offer for its shares undervalued the business, but has now relented.

“Odey Asset Management LLP has agreed to tender at least 97% of its shareholding in Sky Deutschland AG,” the finance firm said in a statement.