Australia's Seven may raise stake in Consolidated- regulator
SYDNEY, June 22
SYDNEY, June 22 (Reuters) - Australia's Seven Group, controlled by billionaire Kerry Stokes, is "actively considering" increasing its stake in Consolidated Media Holdings , the competition regulator said on Friday, setting up a potential takeover battle with Rupert Murdoch's News Corp .
"Seven has informed the ACCC that it is actively considering acquiring further shares in Consolidated Media Holdings Limited (CMH) and it has asked the ACCC to review a proposal for an acquisition of all of the shares in CMH which it does not currently own," the Australian Competition and Consumer Commission said in a statement.
News Corp made a $2 billion takeover offer for Consolidated on Wednesday, boosting top shareholder and billionaire James Packer's warchest as he abandons media in favour of casinos.
Stoke's Seven Group Holdings holds a 24 percent stake in Consolidated, which owns 25 percent of pay-TV business Foxtel and 50 percent of content provider Fox Sports.
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