UPDATE 2-EU to decide by Dec 8 on News Corp’s BSkyB bid

* EU sets Dec. 8 deadline to consider bid

* News Corp and BSkyB revealed takeover talks in June

* BSkyB shares down 0.1 pct to 709.5 pence, index up 0.1 pct

(Adds EU regulatory deadline, updates shares)

LONDON/BRUSSELS, Nov 3 (BestGrowthStock) – EU competition regulators
will decide by Dec. 8 whether to clear a $12.5 billion bid by
media conglomerate News Corp (NWSA.O: ) to take over British
pay-TV company BSkyB (BSY.L: ), an EU Commission spokesman said.

The European Commission had received official notification
of the deal from the companies, the spokesman said on Wednesday,
confirming a News Corp announcement earlier in the day.

The EU competition watchdog can extend its review to 35
working days to consider either a company’s proposed remedies to
ease competition concerns or an EU country’s request to handle
the case.

BSkyB and News Corp, led by Chief Executive Rupert Murdoch,
said in June they were in talks about a possible takeover. News
Corp, which owns 39 percent of BSkyB, proposed paying 7.8
billion pounds ($12.5 billion), or 700 pence per share, for the
BSkyB stock it does not own.

BSkyB’s independent directors rejected the bid as too low,
saying they would be prepared to support an offer above 800
pence. The two parties then agreed to seek regulatory approval
before further price negotiations.

The proposed deal will now be looked at by European
regulators and by Britain’s business secretary, Vince Cable, who
may refer it for further examination to media regulator Ofcom
and to the Competition Commission.

BSkyB shares fell 0.07 percent to 709.5 pence by 1424 GMT.
The FTSE All Share index (.FTAS: ) was up 0.08 percent.
(Reporting by Georgina Prodhan; additional reporting by Foo Yun
Chee in Brussels; Editing by Sharon Lindores)
($1 = 0.6233 pound)

UPDATE 2-EU to decide by Dec 8 on News Corp’s BSkyB bid