French billionaire owns stake in BT to be reconsidered because of national security concerns | Business Newsletter

The government will consider French billionaire Patrick Drahi’s 18% stake in BT due to national security concerns, the business minister said.

His company Altice is the largest shareholder of the telecommunications company, has increase its share from 12.1% last year.

The move raised concerns that the business would be taken over.

Business Minister Kwasi Kwarteng told BT that the government would use “calling powers” under the new National Security and Investment Act to review the move.

Tougher rules to prevent foreign takeovers of key assets went into effect in January.

Mr Kwarteng would be able to impose certain conditions on the investment or block it altogether if it deems it “necessary and proportionate”.

“BT Group will fully cooperate with this review,” the company said in a statement.

When announcing his investment last year, Mr. Drahi said he had no plans to take the business private.

At the time, the government said it was “monitoring” the investment from Altice, the second-largest telecom operator in France.

According to Forbes, Mr Drahi is one of the richest men in France with a net worth of $7.6 billion (£5.7 billion).

He bought BT stock for the first time last June, and interest in the company has skyrocketed in recent months with reports that other international companies are eyeing the business.

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Current rules prevent Mr Drahi from taking over until next month unless a party emerges from a third party or unless a deal for a party can be reached with the BT board.

The government has beefed up its rules to protect Britain’s national infrastructure after Chinese telecoms equipment supplier Huawei found its 5G equipment banned in the UK.