British government to review Drahi’s BT stake

BT Group Plc said on Thursday that Britain’s business minister will launch a national security review of a deal by the telecoms group’s biggest shareholder Patrick Drahi to increase his stake in BT to 18%. BT said it would fully cooperate with the government review, permissible under Britain’s national security and investment laws.

Franco-Israeli entrepreneur Drahi bought 12.1% of BT last June and increased that holding to 18% in December. Britain “will not hesitate to act if required to protect our critical national telecoms infrastructure,” a government spokesperson had said at the time. Shares in BT were down 5.3% in early trade on the London Stock Exchange. Reuters