Skip to content 
Search

Latest Stories

Reliance Industries denies bid interest in BT

Reliance Industries denies bid interest in BT

SHARES in BT jumped nine per cent in London on Monday (29) before sliding back after India's Reliance Industries denied a media report it was weighing a bid for the British telecoms group.

Citing sources, 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.


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 early trading, BT's shares had risen as much as 9 per cent but pared the gains to trade at 163.5p intra-day, still up around six per cent, following Reliance's statement. Reliance was up 1.2 per cent at Rs 2,441 (£24.4) on Monday (29).

BT, whose shares have more than halved in the past five years, was already the subject of takeover speculation after Franco-Israeli billionaire Patrick Drahi bought a 12.1 per cent stake this year.

Drahi will be free to buy more of the British telecoms giant from December 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.

Earlier this year, a private equity consortium, comprising Warburg Pincus and Apax Partners, outbid Reliance to take over the Dutch division of the American wireless network operator T-Mobile.

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less