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Search resuls for: "Patrick Drahi"

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UK stocks muted ahead of ECB meeting, U.S. inflation data
  + stars: | 2021-06-10 | by ( Sagarika Jaisinghani | ) + 0.00   time to read: +2 min
REUTERS/Peter Nicholls/File photoLondon-listed stocks were subdued in early trading on Thursday as investors turned to a European Central Bank policy meeting and U.S. inflation data for cues on whether global central banks could start tapering monetary policy sooner than expected. The export-heavy FTSE 100 (.FTSE) rose 0.2%, tracking small gains in Asian stocks, while the mid-cap FTSE 250 (.FTMC) was down 0.3%. read morePersonal goods (.FTNMX402040) and insurance (.FTNMX303020) stocks were also among the biggest gainers by 0740 GMT. "There's a sense of every man for himself ahead of the U.S. inflation data this evening, a data point that has left markets in limbo," said Jeffrey Halley, a market analyst at OANDA. The ECB is expected to keep its policy guidance unchanged and publish updated euro area macroeconomic projections at its policy meeting later in the day.
Persons: Peter Nicholls, Jeffrey Halley, Patrick Drahi's Organizations: London Stock Exchange, REUTERS, European Central Bank, Pharmaceutical, AstraZeneca, ECB, CMC, BT, Thomson Locations: London, Britain, Scotland
LONDON/PARIS (Reuters) -Billionaire Patrick Drahi’s Altice Group has bought a 12.1% stake worth about 2.2 billion pounds ($3.1 billion) in Britain’s BT Group, becoming its largest shareholder. “Altice holds the board and management team of BT in high regard and is supportive of their strategy,” Altice UK, a company formed for the purpose of holding the BT stake, said. The stake puts Altice ahead of Deutsche Telekom, which owned 12.06% of BT based on recent filings, Refinitiv data shows. “Altice UK has informed the BT board that it does not intend to make a takeover offer for BT,” it added. We are making good progress in delivering our strategy and plan,” BT said in a statement following Altice UK’s announcement.
Persons: Patrick Drahi’s, Altice, “ Altice, , , Drahi Organizations: Britain’s BT Group, SFR, BT, Deutsche Telekom, “ Altice, Britain’s, ” BT, Vivendi Locations: PARIS, France, Orange, Switzerland, United States, Israel, U.S
REUTERS/Rafael Marchante/File PhotoDrahi’s newly-created vehicle Altice UK announced the holding in a statement on Thursday which drove BT’s shares to a 17-month high. Altice UK is owned by Next Alt, dealmaker Drahi’s private holding, which also controls SFR, the second largest telecoms operator in France behind Orange. “Altice holds the board and management team of BT in high regard and is supportive of their strategy,” Altice UK, a company formed for the purpose of holding the BT stake, said. “Altice UK has informed the BT board that it does not intend to make a takeover offer for BT,” it added. Altice UK has ruled itself out of making a full takeover offer for six months by virtue of its statement.
Persons: Patrick Drahi, Rafael Marchante, “ Altice, , , Jefferies, Altice, Drahi, Morgan Stanley Organizations: BT Group, REUTERS, SFR, Orange, BT, “ Altice, Britain’s, Deutsche Telekom, Vivendi Locations: PARIS, Lisbon, Portugal, France, British, Spain, Switzerland, United States, Israel, Europe, Dominican Republic, U.S
Altice takes 12% stake in BT, no takeover offer plans
  + stars: | 2021-06-10 | by ( Reuters Staff | ) + 1.00   time to read: +1 min
(Reuters) - Patrick Drahi’s Altice Group said on Thursday that it had taken a 12.1% stake in Britain’s BT Group becoming its largest shareholder. Slideshow ( 2 images )“Altice holds the Board and Management team of BT in high regard and is supportive of their strategy,” Altice UK, a company formed for the purpose of holding the BT stake, said in a statement. “Altice UK has informed the BT Board that it does not intend to make a takeover offer for BT.”The stake was worth about 2.2 billion pounds based on BT’s closing price on Wednesday. BT said it noted Altice’s announcement and its statement of support for its management and strategy. “We welcome all investors who recognise the long-term value of our business and the important role it plays in the UK,” BT said.
Persons: Patrick Drahi’s Altice, “ Altice, , Organizations: Reuters, BT Group, Management, BT, “ Altice, BT Board, Britain’s, ” BT, Orange Locations: SFR, France
FILE PHOTO: An advertising board is seen during the first demonstration of the technology 5G in Lisbon, Portugal June 4, 2018. Altice, which pioneered 5G in Portugal, owns MEO, the largest landline operator in the country. A spokesperson for Altice said the company was not planning any sales process “now or in the near future” in Portugal. Altice, which has the bulk of its operations in France, aims to sell its Portuguese unit for about 6 billion euros ($7.3 billion), representing a multiple of 7 to 8 times its core earnings (EBITDA) of 833.6 million euros, the sources said. In 2020, Altice Portugal’s revenues increased 0.5% to 2.1 billion euros, while its core earnings grew 0.2% to 833.6 million euros.
Persons: Spain’s, Rafael Marchante, Franco, Patrick Drahi, Lazard, cautioning, MEO, Altice, MasMovil, Euskaltel Organizations: REUTERS, Major, Telefonica, Orange, Nowo, KKR, Morgan Stanley Infrastructure Partners, Horizon Equity Partners Locations: Europe, Portugal, Lisbon, Orange, , Providence, Iberia, France
Drahi paints debt masterpiece with Sotheby’s bond
  + stars: | 2021-05-13 | by ( Liam Proud | ) + 0.00   time to read: +3 min
The art house’s owner, Patrick Drahi, has made a fine art of playing the debt markets. Telecom tycoon Drahi, who in 2019 agreed to buy Sotheby’s for $3.7 billion, is planning to issue $300 million worth of bonds to pay himself a dividend. The extra yield premium available on risky CCC-rated debt is less than 5%, the lowest since 2007, according to UBS. Follow @liamwardproud on TwitterCONTEXT NEWS- Auctioneer Sotheby’s is planning to issue a $300 million bond to fund a dividend payment to owner Patrick Drahi, International Financing Review reported on May 12. - Drahi, a Franco-Israeli telecommunications tycoon, agreed to buy the art house in June 2019 for $3.7 billion.
Persons: Francis Picabia, Picasso, Monet, Rothko, Patrick Drahi, Drahi, Sotheby’s Organizations: Telecom, Moody’s Investors, Art Basel, UBS, Drahi, Federal, Moody’s Investors Service Locations: Paris, French, Lutece, France, Franco, Israeli
The Trouble With Riding the Coattails of Billionaires
  + stars: | 2020-12-07 | by ( Stephen Wilmot | ) + 0.89   time to read: +1 min
Investing alongside a billionaire co-owner can be a smart way to ensure that management stays focused on shareholder interests. Patrick Drahi, the Franco-Israeli controlling shareholder of the Altice cable empire, is trying to take his European company private at an opportunistic valuation. Mr. Drahi launched his offer for the shares he doesn’t already own in Altice Europe in September. European telecom companies haven’t escaped the Covid-19 crisis, and Altice Europe stock fell farther than most because of its high leverage. Still, Mr. Drahi owns 77.58% of Altice Europe, giving him substantial sway with its management.
Persons: Patrick Drahi, Drahi, doesn’t, haven’t, Altice Europe’s, John Malone Organizations: Liberty Global Locations: Franco, Altice USA, Drahi’s U.S, Altice Europe, Europe, Netherlands
NEW YORK/LONDON/MELBOURNE/MILAN (Reuters Breakingviews) - Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights. Europe’s largest airline boosted its 737 MAX order from Boeing to 210, adding 75 aircraft, the U.S.-based manufacturer said on Thursday. And if Ryanair proves to have been too ambitious, it can prolong delivery and payment to Boeing. Richard’s bid gives Orange Belgium an enterprise value of nearly 1.6 billion euros, including its estimated 274 million euros of debt. But global luxury sales will still be between $40 billion and $80 billion below pre-pandemic levels next year, says McKinsey.
Persons: Angus Mordant, Robert Cyran, Boeing’s, it’s, can’t, Lauren Silva Laughlin, Brent, George Hay, Richard, Franco, Patrick Drahi, Drahi’s, Ed Cropley, Valery Giscard d’Estaing, Francois Mitterrand, Giscard, Tom Wolfe’s, Sherman McCoy, “ Giscards, Christopher Thompson, Peter Jackson, Draftkings, Jackson, Liam Proud, Morgan Stanley, Aimee Donnellan, What’s, Alan Joyce, Joyce, Jeffrey Goldfarb, won’t, Lisa Jucca, Ackman’s, Neil Unmack Organizations: Reuters, Corona, REUTERS, Chevron, Boeing, Exxon Mobil, Ryanair, SCORE, of, Petroleum, Saudi, United Arab Emirates, U.S, drillers, Paris, Orange, FRANCE, Socialist, United, Portland Estates, Qantas Airways, Qantas, Norwegian Air Shuttle, Middle, McKinsey, Barclays, Diageo, Pershing Square Holdings, Euronext Amsterdam, London Stock Exchange Locations: MELBOURNE, MILAN, Loving County , Texas, U.S, Europe’s, Russia, Saudi Arabia, UAE, ORANGE, France, Belgium, Brussels, Belgian, Orange Belgium, Amsterdam, , American, Dublin, confinements, United Kingdom, Germany, Italy, Spain, Portland, Paris, London, Oslo, China, Middle Kingdom, Europe
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