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Sky: shares outperform amid renewed speculation.

(CercleFinance.com) - Shares in Sky are up on Monday morning, amid speculation that Disney could replace Fox as the bidder for the British pay-TV group.

Sky shares rose 2.3% to 951 pence, outperforming the London Stock Exchange's blue chip FTSE 100 index, which was up just 0.7%.

According to the Financial Times, Fox has revived talks on a potential 50 billion dollar asset sale to Disney, in a deal that would include the media giant's 39% stake in Sky.

"The prospect of Fox ending its bid for Sky could create volatility on the Sky share price," analysts at UBS said.

However, the broker pointed out, that under UK Takeover Panel rules, Fox cannot withdraw its bid unless it fails to gain regulatory approval, or there is a mutual agreement with Sky.

"If a deal is agreed, Fox will reportedly drop its protracted bid for Sky with Disney instead looking to complete the acquisition of Sky," UBS explained in a research note sent to clients.

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