Altice ups stake in BT to 24.5%

(Sharecast News) - Altice said on Tuesday that it has upped its stake in British telecommunications firm BT Group to 24.5% but insisted it does not plan to make a takeover offer. Altice, which is owned by French billionaire Patrick Drahi, was already BT's biggest shareholder, with an 18% stake.

It has now bought a further 650m shares in BT.

The news comes just days after BT announced plans to axe up to 55,000 jobs by 2030 as it looks to become a "leaner" business, sending shares in the company tumbling.