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French telecoms giant takes 12% stake in BT

One of the biggest broadband companies in Europe today stunned the industry by splashing out £2 billion on a 12.1% stake in BT in what was seen as a huge vote of confidence in the company’s turnaround plans. Founder Patrick Drahi phoned BT’s chief executive and chairman last night to explain his plans. The pledge not to launch an offer now prevents it making a bid for a minimum of six months under UK takeover rules. ....

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