{"id":108179,"title":"Drahi takes BT biggest shareholder stake close to 25pc","publisher":"Share Talk","author":"sharetalk","published":"2023-05-23T07:54:57+00:00","modified":"2023-05-23T07:54:57+00:00","canonical_url":"https://www.share-talk.com/drahi-takes-bt-biggest-shareholder-stake-close-to-25pc/","markdown_url":"https://www.share-talk.com/drahi-takes-bt-biggest-shareholder-stake-close-to-25pc.md","json_url":"https://www.share-talk.com/drahi-takes-bt-biggest-shareholder-stake-close-to-25pc.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["broadband","BT","company","connections","cost-cutting","ENERGY","Ofcom","Openreach","Philip Jansen","pretax","Prices","Profits","program","Regulator","Share Talk","telecom","telecoms"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Altice, the largest shareholder of **BT Group PLC (LSE: BT.A),** led by billionaire Patrick Drahi, has raised its stake by acquiring an additional 650 million shares.\n\nWith this, Altice now owns roughly 24.5% of the UK telecom company, though it has reiterated that it has no intention of making a takeover bid.\n\nDrahi initially purchased a 12.1% stake in June 2021, attracted by the prospects of the nationwide launch of next-generation broadband. Later that year, he raised this share to 18%. Drahi, the founder and current chairman of Altice since 2001, expressed that the investment reflected his confidence in BT, considering the UK government’s ambition to proliferate full-fibre, gigabit-speed broadband throughout the country.\n\nIn August 2022, the UK government concluded that this investment did not pose a risk to national security.\n\nHowever, BT’s shares experienced a substantial drop last week following the company’s announcement of a substantial workforce reduction plan. The company intends to eliminate between 40,000 and 55,000 jobs, equating to up to 42% of its workforce, by the end of the decade to streamline operations and create a more sustainable future.\n\nThis job-cut strategy, involving both BT employees and third-party contractors, is scheduled to be implemented between 2028 and 2030."}