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French satellite firm Eutelsat raises stake in UK company OneWeb

PARIS : French satellite company Eutelsat, which rejected a takeover proposal from billionaire Patrick Drahi, said it had raised its stake in London-headquartered communications network company OneWeb to 22.9per cent.

"Eutelsat Communications has exercised a call option on a portion of the latest OneWeb funding round subscribed by Bharti, for a consideration of US$165 million, taking its shareholding from 17.6per cent to 22.9per cent," it said on Wednesday.

Last month, Drahi, whose business interests include auction house Sotheby's and media group Altice, made a 12.10 euros per share offer for Eutelsat, which was rejected.

(Reporting by Sudip Kar-Gupta; editing by Jason Neely)

Source: Reuters

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