Altice ups stake in BT – but ‘does not intend’ to launch takeover bid

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City AM

By Guy Taylor Altice, the French telecoms firm, will up its stake in BT to 24.5 per cent, but it “does not intend” to make a takeover bid. The group owned by billionaire Patrick Drahi is BT’s largest shareholder, and said that it will acquire a further 650m shares, increasing its ownership to 2.5bn. It comes just a few days after the telecoms firm announcement that it would get rid of 55,000 of its employee by 2030, 10,000 of which would be replaced by artificial intelligence. Its share price tumbled by 10 per cent on the announcement, but later stabilised. Drahi first purchased a 12 per cent,…

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