The UK government has dropped its review into the stake building in BT by Patrick Drahi’s Altice.
Last May, Kwasi Kwarteng, the business secretary, announced that he was exercising powers under the National Security and Investment Act 2021 to examine the stake building by Drahi.
In a brief statement to the Stock Exchange, BT Group confirmed that no further action would be taken.
Last December, Altice increased its interest in BT Group from 12.1 to 18%.
This sparked concern the French–Israeli billionaire might be about to launch a full takeover bid for the telco and a review launched the following May.
At the time Drahi said he did not intend to make an offer for BT and has “engaged constructively” with the board and the telco’s management.
Under the National Security and Investment Act 2021, the Secretary of State for Business has the power to either approve Drahi’s investment outright, impose certain conditions, or block it completely.
