BT Group PLC (LON:BT.A) has rubbished speculation that it is planning to offload a multibillion-pound stake in its infrastructure arm, Openreach.
Chairman Jan du Plessis said at the telecoms group’s annual shareholder meeting that Openreach “remains an important part of the BT group”.
Earlier this year, it was suggested BT was in discussions about potentially selling a stake, with Openreach said to be valued at roughly £20bn - almost double BT’s market value.
BT was said to have held talks with Australian bank Macquarie and several sovereign wealth funds, according to the FT.
Openreach chief executive Clive Selley then issued a memo to staff that said “Openreach is staying in the BT group”.
BT was forced by regulator Ofcom to make Openreach a separate legal entity in 2017 within the wider group after complaints by rivals such as Virgin Media.