Reliance Industries rejected media reports that it was interested in bidding for BTShares in BT leapt as much as 9 percent on Monday before relapsing, after Reliance Industries denied a media report it was weighing a quote for the British telecom group.The Economic Times said billionaire Mukesh Ambani's Reliance may make an unsolicited deal to buy into BT or try to get a controlling share, mentioning sources knowledgeable about the matter.It said Reliance could also partner with BT's networks arm Openreach and money its fibre expansion plans.But Reliance dismissed the report in a stock market filing, stating: We categorically reject any intent to bid for the UK telecom group BT.
The article is completely speculative and unwarranted.
In earlier trading, BT's shares had risen as much as 9 percent.
They were up 5.7 percent at 1027 GMT, following Reliance's declaration.
Reliance was up 1.2 percent at 2,441 rupees.The British company, whose shares have actually more than cut in half in the last 5 years, was already the subject of takeover speculation after Franco-Israeli billionaire Patrick Drahi bought a 12.1 percent stake this year.Drahi will be free to buy more of the British telecom giant on December 11, having vowed in June he wouldn't release a takeover offer for the company - a statement that prevented him from doing so for 6 months under British takeover rules.