Patrick Drahi's Altice tightens grip on BT, raises stake to 18%

Drahi's purchase was his first move since takeover rules preventing him from further purchases after his June stock acquisition expired on Saturday.

Patrick Drahi has raised his stake in BT Group Plc and said he won’t make a takeover offer, pursuing an approach of creeping control that could flush out other interest from private equity or rival telecom operators. 

The telecom tycoon raised his holding to 18% from the initial 12.1% he bought in June, creating a stake worth more than 3 billion pounds ($4 billion) based on the company’s share price Monday. Though his statement Tuesday means he can’t bid for BT for another six months, deal chatter will continue as the company’s depressed share price has long made it the