Jun 10, 2021

France's second biggest telecoms firm buys 12% of BT

France's second biggest telecoms group, Altice, has acquired a big stake in BT. Altice is owned by French telecoms tycoon Patrick Drahi who also owns Sothebys and businesses in the US, Israel and Portugal. A stake of 12% is much more than would usually be considered a passive interest in the company. The BBC understands that Mr Drahi wants to work closely with BT but that that he does not intend to make a bid for the company. Altice has notified the Takeover Panel about Mr Drahi's intentions and that notice is good for six months. Mr Drahi told BT chairman Jan du Plessis and BT chief executive Philip Jansen of the accumulation of the stake last night.

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