Patrick Drahi's Altice group has increased its stake in UK operator BT to 18.0 percent from 12.1 percent previously. The announcement comes shortly after the end of a standstill agreement dating from the initial investment in BT in June.
Altice said in a statement to the stock market that it does not intend to make a bid for all of BT's shares. As a result, it will be subject to another standstill period under stock market rules, unless another bidder for BT comes forward.
Drahi said he had "engaged constructively" with BT's board and management since the initial investment and will continue that dialogue. "We continue to hold them in high regard and remain fully supportive of their strategy, principally to play the pivotal role in delivering the expansion of access to a full fibre broadband network; an investment programme which is so important to both BT and to the UK," he said.
BT said its board was notified that Altice UK increased its interest. The company said in a short statement that "the board and management of BT Group will continue to operate the business in the interest of all shareholders and remains focused on the successful execution of its strategy and building on recent performance momentum".
The BT share price fell almost 5 percent in early trading after the announcement.
