(Adds BT response)
June 10 (Reuters) - Patrick Drahi's Altice Group
said on Thursday that it had taken a 12.1% stake in Britain's BT
Group becoming its largest shareholder.
"Altice holds the Board and Management team of BT in high
regard and is supportive of their strategy. Altice UK has
informed the BT Board that it does not intend to make a takeover
offer for BT," Altice UK, a company formed for the purpose of
holding the BT stake, said in a statement.
BT, Britain's biggest broadband and mobile operator, has set
out an ambitious plan to build fibre broadband to 25 million
homes and businesses by 2026, and it is seeking a partner to
help fund part of the plan.
It is also considering selling a stake in its sports TV
operation.
It said it noted Altice's announcement and its statement of
support for BT's management and strategy.
"We welcome all investors who recognize the long-term value
of our business and the important role it plays in the UK," it
said.
"We are making good progress in delivering our strategy and
plan."
(Reporting by Rachel Armstrong and Paul Sandle, editing by
Carolyn Cohn and James Davey)
BT (BT.A)
