French billionaire Patrick Drahi will preserve his 18% share in BT Group, the company said Wednesday.
Drahi’s stock building.
“BT Group has been told there will be no further action,” the company added.
Drahi’s decision fueled suspicions of a complete takeover approach for a company whose share price has languished in recent years as it lost media and broadband market dominance. Drahi said he “totally supported” the board.
The outlook for the U.K. economy, from which BT gets most of its revenue, has deteriorated since Kwarteng launched the assessment. High energy prices and inflation have reduced consumers’ discretionary income.
BT stock rose 1.5% in London after hitting a two-week low on Monday.