French billionaire Patrick Drahi ups BT stake to more than 24%
The French billionaire Patrick Drahi has increased his stake in BT to more than 24%, but reiterated that he does not intend to make a bid to take over the £15bn British telecoms group.
Drahi, who already had control of an 18% stake through his subsidiary Altice UK, raised that position to 24.5% on Tuesday.
The move comes days after BT announced a massive restructure to become a “leaner business” that will result in the workforce being cut by as much as 55,000 by 2030.
The headcount reduction will come from a combination of natural attrition, cutting contractors at the end of the build phase rolling out fibre broadband and 5G mobile networks nationwide, and a move into AI that could replace about 10,000 jobs.
“Altice UK has restated its position to the board of BT that it does not intend to make an offer for BT,” the company said.
Drahi’s investment vehicle first bought a 12% stake in BT in June 2021, increasing it to 18% later that year.
The government had examined Drahi’s previous stake under new tougher new powers to block the takeover of vital national assets under the National Security and Investments Act.
The review concluded last August that the investment did not pose national security concerns and the billionaire would not have to reduce his holding.
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