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BT Group PLC on Tuesday said the UK government will take ‘no further action’ over the increase of Altice UK Sarl's shareholding in the telecommunications company.
Back in December, Patrick Drahi's Altice lifted its stake in BT to 18% from 12% previously. At the time, Altice confirmed it had no plans to mount a takeover offer and would be bound by that statement under UK takeover rules.
In May, BT said it had received notification from the UK secretary of state for Business, Energy & Industrial Strategy saying that the government was exercising its power under the National Security & Investment Act 2021 to investigate the increase in the French company's stake.
The act was introduced in January and it allows government ministers to more closely scrutinise approaches by overseas interests. It also means the UK government will be able to impose certain conditions on a takeover or block it.
BT, a former state-owned company, is particularly sensitive, as its Openreach arm maintains most of the UK's broadband network.
On Tuesday, BT said: ‘BT has now been notified by the secretary of state that no further action is to be taken under the act in relation to the increase by Altice Europe NV of its shareholding in BT from 12% to 18%.’
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