News Corp withdraws BSkyB bid

Ahead of Commons vote, Rupert Murdoch withdraws bid to take full control of the company.

Rupert Murdoch's News Corporation has withdrawn its bid to take full control of BSkyB, ahead of a Commons vote urging the company to do so.

News Corp made the following statement:

News Corporation ("News Corp") announces that it no longer intends to make an offer for the entire issued and to be issued share capital of British Sky Broadcasting Group PLC ("BSkyB") not already owned by it *.

Chase Carey, Deputy Chairman, President and Chief Operating Officer, News Corporation, commented: "We believed that the proposed acquisition of BSkyB by News Corporation would benefit both companies but it has become clear that it is too difficult to progress in this climate. News Corporation remains a committed long-term shareholder in BSkyB. We are proud of the success it has achieved and our contribution to it."

However, it is worth noting that the statement leaves open the possibility of making another bid:

For the purposes of Rule 2.8 and other relevant provisions of The City Code on Takeovers and Mergers ("City Code"), News Corp reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for BSkyB and/or take any other action which would otherwise be restricted under Rule 2.8 of the City Code within the next six months in the event that:

(i) there is an announcement other than by News Corp or any subsidiary of News Corp of an offer or possible offer for or a merger or possible merger with BSkyB; or

(ii) BSkyB announces a whitewash proposal for Rule 9 purposes or a reverse takeover not involving News Corp or any subsidiary of News Corp.

As Carey says, it is impossible to progress the bid "in this climate". It could be a politically expedient move to withdraw now and return to it later.

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Samira Shackle is a freelance journalist, who tweets @samirashackle. She was formerly a staff writer for the New Statesman.

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Leave campaigners are doing down Britain's influence in Europe

As the third biggest country, Britain has huge clout in the EU.

Last week the Leave campaign's Priti Patel took to the airwaves to bang on about the perils of EU regulation, claiming it is doing untold damage to small businesses in the UK. Let's put aside for one minute the fact that eight in ten small firms actually want to stay in the EU because of the huge benefits it brings in terms of trade and investment. Or the fact that the EU has cut red tape by around a quarter in recent years and is committed to doing more. Because the really startling thing Patel said was that these rules come to us "without the British government having a say." That might be forgivable coming from an obscure backbencher or UKIP activist. But as a government minister, Priti Patel knows full well that the UK has a major influence over all EU legislation. Indeed, she sits round the table when EU laws are being agreed.

Don't take it from me, take it from Patel herself. Last August, in an official letter to the House of Lords on upcoming EU employment legislation, the minister boasted she had "worked closely with MEPs to influence the proposal and successfully protected and advanced our interests." And just a few months ago in February she told MPs that the government is engaging in EU negotiations "to ensure that the proposals reflect UK priorities." So either she's been duping the Parliament by exaggerating how much influence she has in Brussels. Or, as is perhaps more likely, she's trying to pull the wool over the British people's eyes and perpetuate a favourite myth of the eurosceptics: that the UK has no say over EU rules.

As the third biggest country, Britain has huge clout in Europe. We have the most votes in the EU Council alongside France, Germany and Italy, where we are on the winning side 87 per cent of the time. The UK also has a tenth of all MEPs and the chairs of three influential European Parliament committees (although admittedly UKIP and Tory sceptics do their best to turn their belief the UK has no influence in Europe into a self-fulfilling prophecy). UKIP MEPs aside, the Brits are widely respected by European counterparts for their common sense and expertise in areas like diplomacy, finance and defence. And to the horror of the French, it is English that has become the accepted lingua franca in the corridors of power in Brussels.

So it's no surprise that the UK has been the driving force behind some of the biggest developments in Europe in recent decades, including the creation of the single market and the enlargement of the EU to Eastern Europe. The UK has also led the way on scrapping mobile roaming charges from next year, and is now setting the agenda on EU proposals that will make it easier to trade online and to access online streaming services like BBC iPlayer or Netflix when travelling abroad. The irony is that the Europe of today which Eurosceptics love to hate is very much a British creation.

The Leave campaign like to deride anyone who warns of the risks of leaving the EU as "talking down Britain." But by denying the obvious, that the UK has a major role in shaping EU decisions, they are the ones guilty of doing our country down. It's time we stood up to their defeatist narrative and made the case for Britain's role in Europe. I am a proud patriot who wants the best for my country, and that is why like many I will be passionately making the case to remain in the EU. Now is not the time to leave, it's time to lead.