Times21 Dec 2023 08:21
The big calls were being made about BT as events in the telecoms sector prompted talk of interest in the group from Saudi Arabia.
In September, the Saudi Telecom Company built a 9.9 per cent holding in Telefónica, the Spanish operator, partly in derivatives, and now came rumours that the Saudis were eyeing stakes in other European players in the sector.
Sources said STC could make an approach to Patrick Drahi, the Swiss-based billionaire who is BT’s biggest shareholder, via his Altice UK vehicle, with a stake of almost 25 per cent.
Shares of BT closed up 2½p, or 2 per cent, at 126p, although industry sources said that with Drahi apparently having paid an average of 175p a share for his stake, any buyer would have to pay well over 200p.