StockMarketWire.com - Telcoms group BT has downplayed fears of a major a shakeup after Altice acquired a 12.1% stake in the company to become its largest shareholder.

'BT Group notes the announcement from Altice of their investment in BT and their statement of support for our management and strategy,' the company said.

'We welcome all investors who recognize the long-term value of our business and the important role it plays in the UK. We are making good progress in delivering our strategy and plan,' it added.

Altice UK said it had informed the BT board that it doesn't intend to make a takeover offer for BT.

'BT has a significant opportunity to upgrade and extend its full-fibre broadband network to bring substantial benefits to millions of households across the UK. We fully support the management's strategy to deliver on this opportunity,' Alrice said. Story provided by StockMarketWire.com