Drahi increases stake in BT to 24.5%, says will not make an offer
Telecoms billionaire Patrick Drahi has increased his stake in British group BT to 24.5% but restated his position that he does not intend to make a full takeover. Drahi was already BT's biggest shareholder with an 18% stake in BT. The Franco-Israeli entrepreneur's Altice group controls SFR, France's second-biggest telecoms company.
- Country:
- United Kingdom
Telecoms billionaire Patrick Drahi has increased his stake in British group BT to 24.5% but restated his position that he does not intend to make a full takeover.
Drahi was already BT's biggest shareholder with an 18% stake in BT. His Altice UK unit said in a statement on Tuesday he had acquired a further 650,000,000 shares. Shares in BT have fallen 3% over the last five days. The group published results
last week showing the pressure on its free cash flow from the rollout of a national fibre network and said it would cut up to 55,000 jobs by 2030.
The British government last year
investigated Drahi's holding in BT but ruled that it did not pose any national security implications. The Franco-Israeli entrepreneur's Altice group controls SFR, France's second-biggest telecoms company.
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