But the path of inflation around the world – and its influence on the path of interest rates, and therefore house prices – could matter quite a bit to the Murdochs’ next deal.The decision to abandon examination of the merger caught some in the News Corp camp by surprise. While there had beenfrom some shareholders, it’s unusual that the Murdoch family does not get its way. Was this a rare retreat?
Either way, shareholder Irenic Capital Management, which holds about 2.6 per cent of the class B voting shares of News Corp, declared itself pleased with the decision to stop the merger and said it looked forward to “working with the company’s leadership to unlock its considerable value in the months ahead”.
That may have been a better time to sell. Just as in Australia, surging inflation has forced the US central bank to jack up official interest rates, sending mortgage rates surging and house prices through the floor. Unsurprisingly, home sales have plunged; data out this week in the US showed existing home sales fell for the 11th consecutive month in December, hitting the slowest pace since November 2010.
Source: News Formal (newsformal.com)
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