Pearson expected to bid for Thames: Programme-maker's shares soar on news of talks over Thorn EMI's 59% stake

THE stock market is expecting Pearson, the industrial conglomerate, to launch a pounds 120m takeover bid for Thames Television, after news that it is in talks to buy a 59 per cent stake in the programme-maker from Thorn EMI.

A report on the talks in the Pearson-owned Financial Times lifted Thames shares by 32p yesterday before they were suspended at 221p, pending an announcement.

A successful takeover would make Pearson one of the most influential television groups in Britain. It already owns 15 per cent of Yorkshire Tyne Tees Television and 17.5 per cent of the satellite channel BSkyB.

Analysts speculated that a bid could be tabled as early as tomorrow, when Thames is scheduled to make a Stock Exchange announcement on a separate deal, possibly the sale of its US production subsidiary, Reeves, or the disposal of its Euston Road studios in London.

If Pearson bought the 59 per cent stake it would have to bid at least the same price per share for the other 41 per cent under Stock Exchange rules.

Guy Lamming, a media analyst with the broker James Capel, forecast that Pearson would pitch the bid at about 230p-235p a share, valuing Thames at about pounds 115m-pounds 120m.

Thorn paid about 250p a share in its bid in March 1991.

Thames lost its Channel 3 franchise to Carlton on 1 January. It is due to report 1992 results on 16 April: analysts expect pre-tax profits of pounds 35m. This year it is forecast to make about pounds 11m.

Thorn, Pearson and Thames all declined to comment.