Shares in Altice NV rose sharply on Tuesday morning following an announcement late on Monday of a wide-ranging organisational shake-up and restructuring of the struggling global telecoms group.
Altices shares rose over 10 per cent in early trading as the market welcomed the news that it will spin off its US business and restructure its European operations.
Altices shares have almost halved in the past three months over investor concerns about its 51bn mountain of debt and uncertainty around whether founder Patrick Drahi can deliver on a business model built on borrowing heavily to acquire new businesses, aggressively slashing costs and then delivering a…
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