Reliance Industries said to eye £15 billion plus bid for BT Group, reports India's Economic Times
There is a big buzz around BT Group this morming amid reports from India claiming that Reliance Industries is weighing a multi-billion pound bid for the ailing telecommunications company.
According to The Economic Times, Reliance - which is controlled by Mukesh Ambani, supposedly Asia's "richest man" - is considering making an offer for the whole of BT Group, which recently saw French billionaire Patrick Drahi come onto the register with a large shareholding.
The chaps down the market are saying the report has sent BT Group's shares are up almost 5pc at pixel time but they pared some of their gains following reports of a denial. Below is a link to the report and a tweet from Alex Ralph of The Times with the denial:
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Reliance Industries "categorically denies any intent to bid for BT" following report in India. BT shares pare gains. Up about 5 per cent
The Economic Times story, though, might not be the only reason for today's share price gains. Over the weekend chums at the Mail on Sunday served up a lengthy report about all the private equity firms circling the business to get hold of a stake in Openreach. Below is a link Alex Lawons's piece in yesterday's newspaper: