Altice UK increased its stake in BT to 18%, up from the 12.1%‑stake Patrick Drahi’s business acquired earlier in the year.

In a note to the London Stock Exchange, Altice UK confirmed it was not currently interested in a takeover bid in BT despite the increase in shareholding. The company “does not intend to make an offer”, the statement read.

Billionaire businessmen and serial deal‑maker Drahi underlined “dialogue” with BT’s management, with the Financial Times reporting that Drahi notified new Chairman Adam Crozier of Altice UK’s increased position last night, after the market closed.

Read the full story here.