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The report said billionaire Mukesh Ambani’s Reliance might make an unsolicited offer to buy into BT or try to get a controlling share, citing sources familiar with the matter.

It said Reliance could also partner with BT’s networks arm Openreach and fund its fibre expansion plans.

But Reliance dismissed the report in a stock exchange filing, saying: “We categorically deny any intent to bid for the UK telecoms group BT. The article is completely speculative and baseless.”

In earlier trading, BT’s shares had risen as much as 9%. They were up 5.7% at 1027 GMT, following Reliance’s statement. Reliance was up 1.2% at Rs 2,441.

The British company, whose shares have more than halved in the last five years, was already the subject of takeover speculation after Franco-Israeli billionaire Patrick Drahi bought a 12.1% stake this year.

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