{"id":33042,"title":"Mexican billionaire Carlos Slim buys 3% of BT","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2024-06-13T05:52:39+00:00","modified":"2024-06-13T05:52:39+00:00","canonical_url":"https://stockmark.it/mexican-billionaire-carlos-slim-buys-3-of-bt/","markdown_url":"https://stockmark.it/mexican-billionaire-carlos-slim-buys-3-of-bt.md","json_url":"https://stockmark.it/mexican-billionaire-carlos-slim-buys-3-of-bt.json","category":"Business","categories":["Business","Companies"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/2022/12/bt-st.jpg?fit=800%2C400&quality=89&ssl=1","format":"news","language":"en-GB","content":"Carlos Slim, a Mexican billionaire, has acquired a 3% stake in BT. This comes after Allison Kirkby, the new chief executive of BT’s UK division revealed her plans for turning around the UK group during its annual results held last month.\n\nThe FTSE100 company announced on Wednesday that three companies controlled by family members of the tycoon had taken the position, which is worth approximately £400mn.\n\nSlim is not clear about his motive, but he has joined other prominent telecoms investors, such as Altice, owned by billionaire Patrick Drahi, and Deutsche Telekom, a German company.\n\nBT stated that it “welcomes any investor who recognizes the long-term potential of our business”. It also said they “look forward to engaging Inbursa as we do with other investors.”\n\nA spokesperson from Grupo Carso, Slim’s company, said that the investment was “financial”, as are many others the group makes.\n\nSlim, the former richest man in the world and the richest person in Latin America still, made his fortune through a concession he obtained for the Mexican state telephone company during the 1990s. His companies are responsible for one fifth of the benchmark stock index in Mexico and have extensive operations throughout Latin America and Europe.\n\nAmerica Movil, the group of telecoms controlled by Slim and family, acquired stakes at European telecoms companies KPN and Telekom Austria in the past. In 2013, it was forced into retreat after a poison-pill defence in the brutal €7.2bn takeover war.\n\nSlim, who maintained a close friendship with the outgoing president Andres Manuel López Obrador, also failed in his attempt to purchase Telecom Italia with US group AT&T in 2007.\n\nShares of BT rose more than 17 percent in a single day after it announced its annual results. Kirkby, the new chief executive at BT, announced that the company would reduce costs by another £3bn and increase the dividend, after announcing it had met its original £3bn gross annualised target a year earlier than expected.\n\nInvestors placed a record £300mn wager against BT, and Kirkby stated: “I love to squeeze shorts.” . . “Prove them wrong.”\n\nShe said the group’s capital expenditures on full-fibre internet had reached their peak and that it was now “exploring” options to optimize its global business, including exiting certain markets.\n\nKester Mann said that Slim’s investment is “an endorsement” for Kirkby’s strategy update. It also reflects “good recent momentum” for BT under her leadership."}