Man Utd soars on MMC hopes

Tuesday 16 March 1999 00:02 GMT

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SHARES IN Manchester United rose sharply yesterday as investors became convinced that its pounds 625m takeover by BSkyB is set to be waved through. Manchester United shares hit a record high of 240p, valuing the club at pounds 623m.

Stephen Byers, Trade and Industry Secretary, is due to rule on the takeover in the next few weeks after receiving the Monopolies and Mergers Commission report on Friday. Shares in other football clubs, such as Leeds, Tottenham Hotspur and Newcastle, also rose on hopes that a BSkyB-Man Utd deal will trigger a wave of similar takeovers.

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