French telecoms giant Altice has taken a 12.1 percent stake in BT to become the company’s largest stakeholder.

Altice, a company owned by billionaire Patrick Drahi, has established a UK subsidiary for the purposes of holding a stake in BT.

Despite acquiring such a sizable stake in BT, Altice UK says that it does not intend to make a takeover bid of the country’s largest telecoms operator.

Altice UK says its interest in BT is due to the “compelling...