Bwin, Sportingbet in talks

LONDON, England – As reported by Reuters: "Austrian Internet bookmaker bwin (BWIN) made a first move in the long-awaited consolidation of European betting operators, unveiling on Wednesday takeover talks with British rival Sportingbet (SBT.L).

"Just a day after Europe's highest court ruled in favour of European Union gambling liberalisation, bwin confirmed an earlier Reuters report that it was in preliminary discussions to buy Sportingbet, sparking a rally in Sportingbet stock.

"Shares in Sportingbet rose as much as 17 percent to 60 pence, a level not seen for half a year, valuing the company at around 260 million pounds. Bwin shares kept earlier gains to trade 8 percent higher by 2:11 p.m. British time…"