British Sky Broadcasting (BSkyB) will be in focus on Friday as it is expected to confirm a £10bn deal to create Sky Europe as it releases its full-year results.
The company is said to be buying sister pay-TV companies in Germany and Italy from Rupert Murdoch's 21st Century Fox.
It is understood Fox may use the proceeds to make a better offer for rival media company Time Warner, after an earlier $75bn-plus bid was rejected.
The market will be watching to see if BSkyB, which is 39.1% owned by Fox, announces the deal as part of its full-year results.
"Clearly the key focus for investors is the potential acquisition of Sky Deutschland and Italia," Numis said.
"Our back of the envelope calculations suggests BSkyB could fund the acquisition of 57% of Deutschland at market price and 100% of Italia for 3bn by debt and the sale of its 7% ITV stake without recourse to shareholders; this would be dilutive in year 1, broadly neutral in year two and enhancing thereafter.
"We retain our view that BSkyB is executing strongly, though the investment case remains clouded by the Premier League renewal and now its European ambitions."
Friday July 25th
Anglo American, Orange Polska S.A. GDR (Reg S), Spectris
INTERIM DIVIDEND PAYMENT DATE
Dunedin Smaller Companies Inv Trust, Jupiter Green Inv Trust, Paragon Group Of Companies, RWS Holdings, Scholium Group, Zytronic
QUARTERLY PAYMENT DATE
Real Estate Credit Investments PCC Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Durable Goods Orders (US) (13:30)
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
M3 Money Supply (EU) (09:00)
Cable & Wireless Communications, United Utilities Group, Vodafone Group
SPECIAL DIVIDEND PAYMENT DATE
Kingfisher, Walker Crips Group
Albion Venture Capital Trust, Bellzone Mining, Cable & Wireless Communications, Daily Internet , Helical Bar, JPMorgan Japan Smaller Companies Trust, Richland Resources Ltd, Shanks Group, Taihua, United Utilities Group
UK ECONOMIC ANNOUNCEMENTS
GDP (Preliminary) (09:30)
Index of Services (09:30)
FINAL DIVIDEND PAYMENT DATE
3i Group, Amati Vct 2, Anpario, Aveva Group, B.P. Marsh & Partners, Capital Gearing Trust, Downing Planned Exit VCT 6, Downing Planned Exit VCT 7, Fidelity China Special Situations , First Derivatives, ICAP, Impellam Group, Keywords Studios, Lombard Risk Management, Montanaro European Smaller Companies Trust, Northern 3 VCT, Northern Investors Co, ProVen Growth & Income VCT, ProVen VCT, REA Holdings, Severn Trent, Triple Point Income VCT, UK Mail Group , Walker Crips Group
Ashok Leyland Ltd. GDR (Reg S)