<<The Australian $$$ got sold off on this news:
Shell says Australia loses opportunity to boost LNG market position>>
I'm shocked anyone in the financial press would bring forward this alone as the reason the $A sold off. Hasn't every other major move by Rupert Murdoch brought about a short term lower move in the $A?
Monday April 23 04:25 PM EDT
Murdoch Goes Straight to General Motors CEO in Effort to Buy DirecTV
By Robert Schmidt
Hoping to salvage his long-planned deal to buy satellite television provider DirecTV, News Corp. chairman Rupert Murdoch is meeting today with General Motors CEO G. Richard Wagoner in Detroit, according to executives close to the negotiations.
GM is the parent company of Hughes Electronics, which owns DirecTV. Terms of Murdoch's offer remain unclear, but GM is seeking about $9.5 billion for its stake in Hughes.
News Corp., which does not have the cash to make the purchase on its own, is enlisting Microsoft and Liberty Media, a cable company, as partners. Murdoch is traveling to Detroit with Microsoft chief executive Steven Ballmer. If News Corp. is able to buy DirectTV, Microsoft is expected to put up about $3 billion; the software giant would then merge its interactive television company, Ultimate TV, into Murdoch's satellite television assets, called Sky Global. Liberty Media would contribute another $500 million. To come up with the rest of the money, Murdoch is likely to spin off some of Hughes' assets and borrow about $2 billion. (cont)
dailynews.yahoo.com |
