UK asks for more details on French billionaire Drahi's BT stake - report

11th Jul 2022 16:26

(Sharecast News) - The UK has reportedly stopped the clock in a probe to request more information about French billionaire Patrick Drahi's stake-building at BT Group, under a new law which could let officials impose conditions or even block the tycoon.

According to Bloomberg, the government - which had initially set a deadline of last week for the investigation - has requested more information about the BT deal.

Drahi's deal for an 18% stake in Britain's former phone monopoly is being scrutinised under the National Security and Investment Act, which came into effect in January and gives ministers the options of clearing or blocking deals, imposing conditions or even unpicking them retrospectively.