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LONDON, Nov 1 (Reuters) - Britain's BT, fresh from
bolstering its defences against a possible takeover bid, said on
Monday it had delivered its annual 1 billion pounds ($1.37
billion) cost savings target 18 months ahead of schedule,
driving its shares higher.
Britain's biggest broadband and telecoms group announced the
news less than a week after a source confirmed it had also
appointed boutique advisory firm Robey Warshaw to help with its
largest shareholder, Patrick Drahi.
The Franco-Israeli telecoms entrepreneur surprised investors
earlier this year when he announced that he controlled 12.1% of
BT, making him the biggest shareholder.
BT shares hit an 18-month high in June of 207 pence, in the
days after Drahi confirmed his stake purchase, but have since
steadily declined to a low of 135 pence at the beginning of last
week.
News of the boutique appointment and the cost savings target
have sent the stock higher, before BT reports results on
Thursday. The stock was up 4.7% at 145.5 pence at 11.23 GMT.
"Further to weekend press speculation, BT confirms that it
has delivered on its 1 billion pound of gross annualised cost
savings 18 months ahead of the March 2023 target," it said.
The Telegraph reported at the weekend that BT was now
grappling with whether to announce new targets immediately or
wait until after Drahi is allowed to launch a takeover in
December.
($1 = 0.7324 pounds)
(Reporting by Kate Holton; editing by James Davey)