French billionaire Patrick Drahi ups BT stake to more than 24%

Businessman’s Altice UK reiterates that it does not intend to make a bid for the British telecoms group

The French billionaire Patrick Drahi has increased his stake in BT to more than 24%, but reiterated that he does not intend to make a bid to take over the £15bn British telecoms group.

Drahi, who had control of an 18% stake through his subsidiary Altice UK, raised that position to 24.5% on Tuesday.