Friday, 14 June 2024

BT Shares Rise as Carlos Slim Invests

by BD Banks

BT Shares Rise as Carlos Slim Invests

Carlos Slim has an estimated fortune of £72.4bn and now has a 3.2% stake in the London-based telecom company. That makes him one of the largest BT shareholders. Slim built his empire in the Latin American telecoms market, and analysts are now speculating about his possible overall plan. French telecoms billionaire Patrick Drahl remains the largest shareholder in BT, with a 24.5% stake.

This move follows BT`s shake-up plans revealed by chief executive Allison Kirkby, leading to the share surging by almost 25% in the last month. After taking on her new role in February, she said the plans include doubling the cash flow in the next five years and cutting costs by £3bn, allowing BT to increase its dividend to shareholders.

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It’s been suggested that the new investment might lead to a takeover bid being made, but a spokesperson for the Group Carso owned by Slim called it just one of many investments the group has made. Previously the wealthiest person in the world, Slim has a controlling interest in America Movil, Latin America’s biggest mobile phone operator.

A BT spokesperson pointed out that:

We welcome any investor who recognises the long-term value of our business. We have frequent communication with all of our shareholders and meet with major investors on a regular basis. We look forward to engaging with Inbursa, just as we do with all investors.

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