Altice NV (ATCEY)  shares surged the most in two months in early Thursday trading after the French telecoms and cable group controlled by billionaire Patrick Drahi raised its stake in SFR Group amid continued speculation it may be preparing a takeover bid for Charter Communications (CHTR) .

Altice has lifted its stake SFR, a French wireless operator, to more than 95% and said it's planning a full buyout offer for the remaining shares. Altice will offer €34.50 a share for those it doesn't already own. The deal by TheStreet's calculations would be worth in the region of €760 million ($890 million).

The move by Altice comes amid speculation that it will make a bid for Charter Communications, advancing the company's position in the U.S. The Drahi-controlled group is lining up a potential $185 billion bid for Charter, the Financial Times reported, citing sources close to the deal, pitting themselves against Softbank (SFTBY) .

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