14th Dec 2021 09:14
(Alliance News) - Billionaire telecom tycoon Patrick Drahi lifted his stake in BT Group PLC to 18% on Monday from 12% but confirmed early Tuesday he has no plans to make a takeover offer.
Drahi's Altice UK Sarl bought a further 585.5 million BT shares on Monday, according to a stock exchange filing, raising its holding to 1.8 million shares, an 18.0% stake, up from 12.1%.
Altice said it "restated its position to the board" of BT that it doesn't intend to make an offer and will be bound by that statement under UK takeover rules, meaning it cannot make a bid for the next six months, expect under defined exceptions.
Altice announced its initial 12% stake in BT back in June.
Drahi said on Tuesday he holds BT's management in "high regard".
"We are pleased to take this opportunity to increase our shareholding in BT. Over recent months we have engaged constructively with the board and management of BT and look forward to continuing that dialogue," Drahi said.
He added that he supports BT's strategy of rolling out full-fibre broadband in the UK.
In response, BT said: "The board and management of BT Group will continue to operate the business in the interest of all shareholders and remains focussed on the successful execution of its strategy and building on recent performance momentum."
BT shares were down 4.9% to 166.25 pence early Tuesday, while the wider FTSE 100 was 0.6% higher. BT shares are up 26% so far in 2021.
By Tom Waite; [email protected]
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