French billionaire Xavier Niel has reduced his stake in Proximus to less than 1%, according to a transparency notice released by the Belgian telecom company on Monday evening.
Niel became the second-largest shareholder in Proximus in late 2023, with his Saxo Holding’s stake later rising to at least 6.61 %.
Last year, Belgian newspapers De Tijd and L’Echo reported that Niel had tried to gain control of the company through a partnership.
However, the Government of Belgium, which is the majority shareholder in Proximus, reportedly blocked the proposed deal.
In the notice issued on Monday, Proximus stated that Niel was now withdrawing from the company.
The exact size of Saxo Holding’s remaining stake has not been disclosed, leaving it unclear whether Niel has sold all his Proximus shares.
