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BT shares top £2 for first time in eighteen months

Published: 15:21 16 Jun 2021 BST

BT Group PLC -
Philip Jansen

BT Group PLC (LON;BT.A) shares briefly topped £2 for the first time in eighteen months today as investors speculated on the next move of new 12% shareholders Patrick Drahi.

Altice, the French billionaire’s vehicle, announced the stake last week and though it said it was not interested in making a full takeover offer few expect it to sit quietly while BT gets on with things.

Shares in the telecoms group have been one of the FTSE100’s best performers since they briefly went below 100p a year ago and this year so far are up by 40%.

Analysts have focused on the potential for its broadband network arm Openreach, which at £25bn is still valued more highly more than the entire group combined.

Philip Jansen, BT’s chief executive, has also hinted about bringing in a partner to help finance the potentially transformational fast-fibre upgrade currently in progress at Openreach to expedite the work.

Jansen has been a heavy buyer of BT shares himself in recent months, so should be pleased with how the markets have reacted to the changes.

At 199.7p, BT is valued at about £19.5bn.

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