Altice, the vehicle of French billionaire Patrick Drahi has increased its stake in BT to 18% but reiterated it was not interested in making a full takeover bid.
Under UK takeover rules, that statement means it is now not allowed to make an offer for the UK telco for another six months and echoes its comments when it acquired an initial 12% stake in June.
This morning, Altice said it has raised its holding to 18% but said it had restated its position to the BT board that it does not intend to make an offer and will be bound by Rule 2.8 of the UK's Takeover Code.
BT Group: Open season is underway; but will anyone be tempted to take a potshot?
Patrick Drahi added: "We are pleased to take this opportunity to increase our shareholding in BT.
“Over recent months we have engaged constructively with the board and Management of BT and look forward to continuing 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."
Analysts have always suggested it is BT’s broadband arm Openreach that is Drahi’s main interest.
A huge fast-fibre roll-out race is underway between Openreach and its UK rivals with the prospect of the winner becoming a huge long-term cash generator.
BT noted Altice’s increased stake and said: “The Board and management of BT Group will continue to operate the business in the interest of all shareholders and remains focussed on the successful execution of its strategy and building on recent performance momentum.”
German telecom giant Deutsche Telekom also holds a 12% stake in BT, which means the UK group is now 30% owned by European rivals.