Saudi Telecom to approach Patrick Drahi regarding BT stake
BT Group
145.95p
12:05 05/11/24
2.67%
3.80p
Saudi Telecom may be preparing to approach British Telecom's largest shareholder Patrick Drahi regarding raising its interest in the UK telco.
Fixed Line Telecommunications
2,075.86
12:04 05/11/24
1.77%
36.13
FTSE 100
8,188.17
12:05 05/11/24
n/a
n/a
FTSE 350
4,513.49
12:05 05/11/24
n/a
n/a
FTSE All-Share
4,470.69
12:05 05/11/24
n/a
n/a
In September, Saudi Telecom built a 9.9% stake in Spanish operator Telefónica, partly in derivatives, and now comes word that the Saudis were looking at other European players.
According to the Times, Saudi Telecom could make an approach to Drahi via his Altice UK vehicle, which has a stake of almost 25% in BT.
As of 0915 GMT, BT shares were up 0.87% at 127.15p.
Reporting by Iain Gilbert at Sharecast.com