economy

Reliance clarifies on reports of its intent to bid for UK telecom firm BT

Reliance clarifies on reports of its intent to bid for UK telecom firm BT

Reliance Industries today informed the stock exchanges that it has no intent to bid for UK telecoms group BT, saying the reports are completely speculative and baseless. We categorically deny any intent to bid for the UK telecoms group, BT, formerly British Telecom, as reported, Reliance said in a statement. The oil-to-telecom conglomerate further said the article is completely speculative and baseless, adding that it expects greater diligence and verification of facts before publishing such reports. Following the reports earlier today, Reliance shares gained nearly 4% to eventually close 1.04% higher at ₹2,437.70 on NSE. BT stock has also gained as much as 9% in the UK markets. A news report suggested that Mukesh Ambani-led Reliance might make an unsolicited offer to buy into BT or try to get a controlling share. It could also partner with BTs networks arm Openreach and fund its fibre expansion plans, the report added. The British company, whose shares have more than halved in the last five years, was already the subject of takeover speculation after Franco-Israeli billionaire Patrick Drahi bought a 12.1% stake this year. Drahi will be free to buy more of the British telecoms giant on December 11, having pledged in June he wouldnt launch a takeover offer for the company - a statement that precluded him from doing so for six months under British takeover rules. In September, Reliance was outbid by a consortium of Apax and Warburg Pincus for control over a Dutch unit of T-Mobile. (With inputs from Reuters) Download.

economy 2021-11-29 Livemint