Latest News

Reliance Industries denies reports it intends to acquire BT

Stock Markets30 minutes ago (Nov 29, 2021 10:03)

© Reuters.

By Samuel Indyk

Investing.com – Reliance Industries (NS:RELI) has rebuffed reports that it is planning to make a bid for BT Group (LON:BT), after media reports suggested the Indian conglomerate was mulling an approach.

The Economic Times reported that Reliance was weighing a bid for the UK telecoms operator, citing multiple people familiar with the matter. However, Reliance has said this is not the case.

“We categorically deny any intent to bid for the UK telecoms group, BT, formerly British Telecom, as reported in the article titled ‘Reliance Mulling Bid for UK’s Telco BT Group’ published in The Economic Times dated November 29, 2021,” Reliance said in a statement. “The article is completely speculative and baseless. We expect greater diligence and verification of facts before publishing such articles.”

The report also suggested that Reliance may propose to partner with BT’s fibre optic unit Openreach and fund its expansion plans. However, just last month, BT said they were no longer looking for a strategic partner to help fund the expansion of the Openreach service.

BT shares had surged by as much as 9% in early trade on Monday but pared some of the gains following the denial by Reliance Industries.

At 10:13GMT, BT shares were trading higher by 4% at 160.21 pence per share.

Reliance Industries denies reports it intends to acquire BT

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

You may also like

Leave a reply

Your email address will not be published.

More in Latest News