HMV controls majority of shares
HMV, owner of book chain Waterstone's, has moved closer to control of rival Ottakar's, subject to regulatory approval.

HMV's 440p a share bid for the bookseller was accepted the first time round by 63 per cent of Ottakar's shareholders.

The bid is still subject to approval from the Office of Fair Trading. Evolution analyst Nick Bubb believed there would be a '40 to 50 per cent chance that the bid is referred'.

Celebrity authors and literary figures launched a campaign last week opposing the HMV takeover. The lobbyists include Stalingrad author Antony Beevor, and Tracy Chevalier, best known for Girl with a Pearl Earring.

'The campaign has been a bit OTT,' Bubb said, 'but it may well give the Office of Fair Trading pause for thought.'

HMV said that gaining control of Ottakar's would present a fast-track route to expansion and increase its market share from 15.7 per cent to 23.6 per cent.

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