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News Corp., BSkyB Drop as Bid Referred to Competition Body

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News Corp.’s 7.8 billion-pound ($12.4 billion) bid for British Sky Broadcasting Group Plc faces a review by the top U.K. competition authority that will take at least six months as a probe into phone hacking widens.

Rupert Murdoch’s News Corp. declined $1.27, or 7.6 percent, to $15.48 in Nasdaq Stock Market trading at 4 p.m. New York time, the biggest drop since April 2009. BSkyB fell 4.6 percent to 715.5 pence in London.