Billionaire Patrick Drahi said on May 23 he had increased his stake in BT to 24.5% but he did not intend to launch a takeover offer for Britain's biggest telecoms group. The Franco-Israeli entrepreneur first invested in BT in June 2021.
BT said on May 18 it would cut up to 55,000 jobs including contractors by 2030. The company has been working through a transformation plan to build a national fibre network under boss Philip Jansen, as well as rolling out high-speed 5G mobile services. New Vodafone boss Margherita Della Valle said on May 16 she would cut 11,000 jobs globally over the next three years to help the telecoms group regain its competitive edge after it warned that a poor performance in Germany would hit its cash flow.
The chief executive of Vodafone’s largest shareholder, Emirates telecoms firm e&, is set to join Vodafone’s board as the two companies agreed to deepen their strategic relationship. Vodafone said on May 11 that e&’s boss Hatem Dowidar would stay on its board for as long as e& maintained its current 14.6% stake. The Abu Dhabi-based firm will be able to appoint a second non-executive director if its shareholding crosses 20%.Opinions expressed are those of the author.
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Telco tycoons’ UK bets look stuck underwaterPatrick Drahi, Xavier Niel, John Malone and Abu Dhabi’s e& have lost $2.4 bln on about $13 bln worth of investments in BT and Vodafone, Breakingviews estimates. It’s hard to see either firm recovering soon, leaving their big-money backers potentially stuck in the quicksand.
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Breakingviews - Supply chain scrutiny may upend EU solar ambitionsMaking the world a greener place through clean energy is hard enough. Doing so while also avoiding human rights violations looks even harder.
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Breakingviews - Foxconn's global dealmaking suffers Sharp shockSharp has delivered a wake-up call to Foxconn. The $46 billion iPhone supplier, formally known as Hon Hai Precision Industry , rescued the Japanese electronics group in 2016 with a promise to turn it around. Sharp's surprise $1.6 billion writedown in the three months to March casts doubt on the Taiwanese group's grip on its investment - and its ability to strike similar deals.
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