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Liberty Global raises stake in Telenet to 58 percent
(Reuters) - U.S. cable group Liberty Global (LBTYA.O) raised its stake in Belgian group Telenet (TNET.BR) to 58 percent from 50.2 percent.
Liberty is seeking to strengthen its grip on Telenet, which is benefiting from expansion across a range of telecom services. Liberty has been the controlling shareholder in the company since 2007.
The cable company offered to buy Telenet, which provides television, broadband and mobile phone services in the Dutch-speaking north of Belgium, in September for 35 euros per share or 1.96 billion euros ($2.6 billion) for the remaining stake in the company.
It said in November that it would not raise the offer price, and launched a cash offer the next month for Telenet's shares and securities through its subsidiary Binan Investments B.V.
Liberty said on Monday that 9.5 million shares and 3,000 warrants were tendered under the offer, giving it access to voting rights in Telenet that it did not already own and that were not held by Telenet.
"Liberty Global is reviewing the current organization, governance and reporting structure at Telenet with the intention of effecting a closer management integration of Telenet within its European operations," Liberty said in a statement.
Liberty Global's shares closed down 1 percent at $66.77 on Monday on the Nasdaq.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Roshni Menon)
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