Billionaire’s Altice buys 12% BT stake to support fibre plan
Altice UK informs BT board that it does not intend to make takeover offer for company
Patrick Drahi also controls SFR, the second largest telecoms operator in France behind Orange: File photograph: Getty
Mr Drahi’s newly created vehicle Altice UK announced the holding in a statement on Thursday which drove BT’s shares to a 17-month high. They were trading up 6.5 per cent at 195.15 pence towards the close of the trading session.
“Altice UK has informed the BT board that it does not intend to make a takeover offer for BT,” the company said.
BT, Britain’s biggest broadband and mobile operator, is recasting itself as the British national champion to upgrade the country’s broadband network which lags other markets such as Spain. – Reuters