BT trims gains after India's Reliance denies bid interest

LONDON (Reuters) -Shares in BT jumped as much as 9% on Monday before sliding back, after India’s Reliance Industries denied a media report it was weighing a bid for the British telecoms group.

BT trims gains after India's Reliance denies bid interest
© Reuters/HANNAH MCKAY FILE PHOTO: British Telecom (BT)’s headquarters is seen in central London

The Economic Times said billionaire Mukesh Ambani’s Reliance might make an unsolicited offer to buy into BT or try to get a controlling share, citing sources familiar with the matter.

It said Reliance could also partner with BT’s networks arm Openreach and fund its fibre expansion plans.

But Reliance dismissed the report in a stock exchange filing, saying: “We categorically deny any intent to bid for the UK telecoms group BT. The article is completely speculative and baseless.”

In earlier trading, BT’s shares had risen as much as 9%. They were up 5.7% at 1027 GMT, following Reliance’s statement. Reliance was up 1.2% at 2,441 rupees.

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 Dec. 11, having pledged in June he wouldn’t launch a takeover offer for the company – a statement that precluded him from doing so for six months under British takeover rules.

($1 = 0.7500 pounds)

(Reporting by Paul Sandle; Editing by Kate Holton and Edmund Blair)

News Related

OTHER NEWS

Video: Masks WON'T protect kids from Covid claims top doctor Nick Coatsworth as as Victoria makes it mandatory for students from Year 3 

Read more »

Read the haunting Facebook messages Charlise Mutten's mother sent before her daughter was allegedly murdered

Charlise Mutten's mum sent Facebook messages gushing about her fianceMessages also mentioned her daughter and excitement seeing her during visit Kallista Mutten was visited by fiance while staying in a rehab centre in SydneyMs Mutten stayed in $20,000 Sydney Clinic which treats celebritiesHer daughter's accused killer visited her and she boasted  about her 'rich fiance'Charlise's mother boasted after one visit she'd had sex with Stein in his uteKallista seemed 'excited and high' after two hours with Stein in his 4WD Read more »

Tax hike is morally wrong - and could capsize the economy, writes Dragons' Den panellist TOUKER SULEYMAN

The Government has done a terrific job of supporting households and business during the Covid crisis, with innovative solutions such as the furlough scheme and bounce-back loans. Which makes it ... Read more »

Video: Controversial Highway Code overhaul that tells cyclists to pedal in the middle of the road takes effect in DAYS amid warning new rules will lead to spike in road rage incidents

Read more »

Video: Chicago girl, 8, is killed when she was hit in the head by a stray bullet while walking along the street, with the gunman targeting a known gang member as police continue to search for the suspect

Read more »

Alex Pike shares a cryptic quote about 'levelling up' after her rumoured split from AFL star Nathan Buckley

Do you know more? Email tips@dailymail.com  Read more »

French fashion icon Thierry Mugler who has dressed Lady Gaga, Kim Kardashian and Beyoncé dies at age 73

Mugler's official Instagram page confirmed his passing Sunday night '#RIP We are devastated to announce the passing of Mr Manfred Thierry Mugler on Sunday January 23rd 2022,' the post read. 'May his soul Rest In Peace'Mugler dressed the biggest names in fashion and showbiz, even coming out of retirement in 2019 to dress Kardashian for the Met GalaOther famous names dressed by the Frenchman include icons like David Bowie, George Michael, Cindy Crawford and Sharon Stone modern stars like Cardi B, Katy Perry, Rihanna and Bella Hadid also showed off his wares  Read more »

Spy storm triggers call to cut risk of espionage by axing British cash handouts to pro-China groups

The Great Britain-China Centre gets £500,000 a year from the Foreign OfficeThe CBBC has received more than £25million in public money in the past decadeIt is getting £700k a year as sub-contractor in deal to help firms export to China Read more »

Gregory Porter: I prefer to fall asleep accidentally

© Bang Showbiz Gregory Porter falls asleep in front of the TV Gregory Porter prefers to fall asleep “accidentally”. The 50-year-old singer has revealed he sometimes upsets fellow hotel guests ... Read more »

SPORTS AGENDA: Discussions to take place over Covid spot checks

No word yet on whether the end of Plan B will bring down the curtain on Covid spot checks at football grounds across the Premier League. There has been wildly ... Read more »

Oxlade-Chamberlain's goal should NOT have stood against Crystal Palace

Oxlade-Chamberlain’s goal should not have stood  Crystal Palace have every right to be peeved that Liverpool’s second goal was allowed to stand. When Andy Robertson played the ball into the ... Read more »

Harry Styles 'wants to buy a property in Cornwall'

© Bang Showbiz Harry Styles is looking to buy in Cornwall Harry Styles is looking to buy a property in Cornwall. The 27-year-old pop star – who shot to fame ... Read more »

New NIL Summit Will Help College Athletes Optimize Opportunities

© Provided by Sports Illustrated For the first time in history, athletes can earn compensation from their name, image and likeness. This June, the summit will educate and award athletes ... Read more »

The four supermarket heroes that can double meal portions for as little 30p

WE are all feeling the pinch at the checkout. Official figures show the cost of living is climbing at its fastest rate for 30 years, partly due to soaring food ... Read more »

Rate decisions are up to RBA: Treasurer

© Lukas Coch/AAP PHOTOS Josh Frydenberg says the Reserve Bank has made it clear it is reluctant to raise interest rates. Treasurer Josh Frydenberg says interest rate decisions are up ... Read more »

Barty's classy deference to 'iconic' Rod Laver

Australian tennis champion Ash Barty has delivered Rod Laver a beautiful tribute after clinching victory on the court named after the legendary figure. Barty saw off plucky American Amanda Anisimova ... Read more »

Labor Says It’s Serious About Electric Car Manufacturing

Electric cars are a big part of how we’ll see the green energy future emerging in Australia, at least according to Ed Husic, Labor’s Shadow Minister for Industry and Innovation. ... Read more »

Top 25 college football teams based on percentage of time ranked in AP Poll

© Trevor Ruszkowski-USA TODAY Sports It doesn’t get much better than this game if you are an Oklahoma fan. It was peak Baker Mayfield, both from performance for the huge ... Read more »

Watch: Rams, Buccaneers trade fumbles on back-to-back plays

© Nathan Ray Seebeck-USA TODAY Sports Los Angeles Rams head coach Sean McVay speaks with officials during the divisional playoff game. Momentum swung wildly between the Tampa Bay Buccaneers and ... Read more »

Tom Brady hits Mike Evans for 55-yard touchdown

© Provided by Touchdown Wire The Super Bowl champion Tampa Bay Buccaneers refuse to go away quietly/ They were down 27-3 at one point but Tom Brady continues to fight. ... Read more »

Kenrich Williams: I would like to retire with the thunder

© Provided by HoopsHype It’s no surprise why Kenrich Williams, a 27-year-old with a bargain $2 million contract for this season and next, is going to be pursued by playoff ... Read more »

Boris Johnson U-turns over VAT on energy bills

Boris Johnson will consider slashing VAT on energy bills to help struggling families despite appearing to rule it out just three weeks ago. The measure is one of a number ... Read more »

Legal & General boss criticises Government's levelling up efforts

The boss of Legal & General has criticised the Government’s levelling up efforts as data showed the UK had taken ‘a step back’ in some areas of life.  L&G’s Rebuilding ... Read more »

Blazers vs. Raptors: Play-by-play, highlights and reactions

© Provided by HoopsHype The Portland Trail Blazers (19-26) play against the Toronto Raptors (21-21) at Scotiabank Arena Game Time: 6:00 PM EST on Sunday January 23, 2022 Portland Trail ... Read more »

The sweet taste of success: TN's bean-to-bar chocolate brands

© Provided by The Times of India Chennai: Actress Kalki Koechlin is a diehard fan of Auroville-based organic chocolate brand Mason & Co. Mozart of Madras A R Rahman invited ... Read more »

After John Hollinger tweet, Garrison Mathews defends his shooting form

© Provided by RocketsWire Houston Rockets guard Garrison Mathews is quickly establishing himself as one of the NBA’s best 3-point shooters, particularly from extreme range, and others around the league ... Read more »

NBA hands Grayson Allen punishment for foul that injured Alex Caruso

© Provided by Fansided Amid outrage and anger over the way Alex Caruso suffered an injury, the NBA has decided to suspend Grayson Allen for the foul that led to ... Read more »

Smart motorway firms are probed over fraud and bribery as workmen face accusations of stealing scrap metal and submitting false claims for 'ghost employees'

£320,000 of scrap metal ‘missing’ from a new area of smart motorway on the M1 The stretch is from junctions 13 to 16, between Milton Keynes and NorthamptonWorkmen for companies building the roads were accused of stealing materialsInvestigators at National Highways are unable to pursue a criminal prosecutionLack of ‘reliable witness testimony’ and ‘concerns for the safety’ of one witness Read more »

Will NHS jab refuseniks get new jobs in Wales? Medical staff who face being fired for not getting Covid vaccine could work over the border instead

All front-line workers are required to have had two vaccines by April 1 But more than 80,000 – 6 per cent of the workforce – are not fully vaccinated  Mark Drakeford said he would ‘not rule out’ hiring unjabbed staff from England Read more »

A promised show of strength for the anti-vaccine movement was precisely the opposite

It was supposed to be a show of strength for the anti-vaccine movement. Two years into a gruelling and deadly pandemic, at a time when opposition to vaccines and vaccine ... Read more »

PSU bad bank, reforms for asset rejig cos hang fire

© Provided by The Times of India Mumbai: Banks have come out of the bad loan mess through provisions made from profits and new capital. However, the deadweight of these ... Read more »

Jack Grealish looks LOST as a central attacker in Manchester City's system… his display against Southampton was not worthy of Pep Guardiola's wildly enthusiastic praise

Premier League leaders Manchester City drew 1-1 at Southampton on SaturdayJack Grealish had another disappointing game and failed to provide a sparkThe England international has struggled since his move from Aston Villa  Read more »

All charged up and out in front of the pack

© Provided by The Times of India Chennai: If India’s electric vehicle story is supercharged right now, Tarun Mehta and Swapnil Jain are among the boosters. Their nearly-decade-old baby, Ather ... Read more »

Bradley Beal, Domantas Sabonis spark rumors with social media activity

© Brad Mills-USA TODAY Sports Wizards guard Bradley Beal is apparently being followed by the Pacers’ Domantas Sabonis on Instagram. It is officially the most wonderful time of the year ... Read more »

Indians placed record bets on US stocks in '21

© Provided by The Times of India Chennai: Year 2021 could well be when Indian retail investors truly came of age as they ventured into Wall Street in record numbers, ... Read more »

Bernie Sanders calls Arizona Democrats' censure of Kyrsten Sinema ‘exactly right'

Sen Bernie Sanders appeared eager to escalate the war between various factions of the Democratic Party on Sunday during an interview with CNN in which he stated his support for ... Read more »

Can I still work from home? The latest as union calls for continued remote working

From Monday, January 24, the instruction to work from home in Ireland will be lifted. It has been nearly two years since people had to leave the office culture behind ... Read more »

Europe could be headed towards end of pandemic after Omicron, says WHO

© Ida Guldbaek Arentsen, AFP The Omicron variant has moved the Covid-19 pandemic into a new phase and could bring it to an end in Europe, the WHO Europe director said Sunday. ... Read more »

The NFL should change the Super Bowl LIV logo before it freaks everybody out

© Provided by Touchdown Wire The logos for Super Bowls through time have been both great and garish, but they usually aren’t… well, grisly. But in the case of the ... Read more »

NFL World Reacts To Controversial Penalty In Bucs-Rams

© Provided by The Spun NFL referee yellow flag The Tampa Bay Buccaneers are trying to mount a furious fourth quarter comeback against the Los Angeles Rams right now. But ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic