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Billionaire Cycling Telecom Becomes BT’s Biggest Shareholder | Economic news

Releasing BT’s annual results last month, the company’s chief executive, Philip Jansen, made it clear that he believes stocks are a long-term investment.

For the second year in a row, he announced a increased spending on fiber deployment, disappointing some shareholders who would have preferred to see BT focus on short-term returns rather than promising jam tomorrow.

Today, however, has come the proof that some broadband and telecom investors are ready to take a longer-term view.

Photo of Group CEO Philip Jansen: BT
BT clarified that Mr. Drahi had previously spoken with Managing Director Philip Jansen. Photo: BT

Altice, the second largest telecommunications company in France after Orange (renamed France Telecom), has announced that it has taken a 12.1% stake in BT worth around £ 2.2 billion.

This means Altice – which is owned by France’s ninth richest man, Patrick Drahi – becomes BT’s largest shareholder, overtaking Deutsche Telekom, which holds a 12.06% stake following the acquisition by BT. in 2014 from mobile operator EE, which was previously partially owned by the German giant.

BT shares jumped 3% at one point to take them to their highest level since January of last year.

This was despite an unequivocal statement from Altice that it had no intention of bidding for BT.

He said: “Altice holds the BT board and management team in high regard and supports their strategy.

“Altice UK has informed the BT board of directors that it does not intend to make a takeover bid for BT.

BT stock price chart over two years 10/06/2021
BT share hit its highest level since January last year

“Altice UK has made this important investment in BT as it believes it has an irresistible opportunity to implement one of the most important policies of the UK government, namely the substantial expansion of access to a high network full fiber and gigabit compatible speed across the UK.

“Altice believes the UK is providing sound …

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This notice was published: 2021-06-10 11:51:00

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