BSkyB's potential €8.6bn takeover of Sky Italia and Sky Deutschland to become a European pay-TV giant may make a wholesale sports deal with rival BT more likely, analysts at UBS say.Sky is refusing to allow BT to show the full range of Sky Sports channels on the latter's TV service until BT lets Sky wholesale its BT Sport channels on Sky's own service.The dispute has descended into rancour, with both companies launching appeals to the regulator over competition issues.But UBS said Sky may soften its stance in its bid to concentrate on Europe."With BSkyB focused on Sky Europe, our own view is that BSkyB may be more willing to reach a compromise with BT," UBS analysts said.They added that Sky's move on Tuesday to offer free broadband and a new European soccer channel was a temporary ploy to tie in subscribers ahead of Sky's loss to BT of European Champions League and Europa League football from the start of the 2015/2016 season.UBS said, meanwhile, that it believed investors were underestimating the benefits of a potential buyout of Rupert Murdoch's Italian and German pay-TV businesses.The Swiss broker said increased scale would improve Sky's ability to buy programmes and savings could boost earnings by up to £380m a year as Sky Europe rolls out UK products such as Sky Bet, Adsmart and Sky Store into Germany and Italy."We think BSkyB could pay €8.6bn to take control of Sky Italia (100%) and Sky Deutschland (57.3%), but not acquire the minorities in the latter," UBS said.Shares in BSkyB were down 2p at 867p at 10:24 in London.PW