(Adds further details)
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, a
company formed for the purpose of holding the BT stake, said in
a statement.
"Altice UK has informed the BT Board that it does not intend
to make a takeover offer for BT."
The stake was worth about 2.2 billion pounds based on BT's
closing price on Wednesday.
Britain's biggest broadband and mobile operator has set out
plans to extend fibre broadband to 25 million homes and
businesses by 2026, and it is seeking a partner to help fund the
work.
It is also considering selling a stake in its sports TV
operation.
BT said it noted Altice's announcement and its statement of
support for its management and strategy.
"We welcome all investors who recognise the long-term value
of our business and the important role it plays in the UK," BT
said.
"We are making good progress in delivering our strategy and
plan."
Altice's SFR is the second largest telecoms operator in
France behind Orange.
Drahi, the billionaire founder of the group, recently took
it private with a buyout offer.
(Reporting by Rachel Armstrong and Paul Sandle; editing by
Carolyn Cohn and James Davey)
BT (BT.A)
