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Sky's shares jump nine percent after Comcast wins auction

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Sky's shares jump nine percent after Comcast wins auction
FILE PHOTO: Sky Sports logos at the company's UK headquarters in West London, July 25, 2014. REUTERS/Toby Melville/File Photo   -   Copyright  Toby Melville(Reuters)
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LONDON (Reuters) – Shares in Sky <SKYB.L> jumped 9 percent to 17.22 pounds in early trade on Monday, just below the 17.28 pounds a share Comcast <CMCSA.O> bid on Saturday to beat Twenty-First Century Fox <FOXA.O> in the battle for Europe’s biggest pay-TV group.

The U.S. cable-TV giant offered $40 billion to buy the group in a rare auction that brought to an end a protracted takeover battle.

Rupert Murdoch’s Fox has not said what it will do with its 39 percent stake in Sky, a holding that Walt Disney Co <DIS.N> is set to acquire in a separate deal.

(Reporting by Paul Sandle; Editing by Emelia Sithole-Matarise)

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