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BT takeover cannot be ruled out after no action on Altice move

BT Tower.jpg

After the UK government announced it would take no further action on Altice’s increased BT stake, a full takeover cannot be ruled out.

That is the view of Paolo Pescatore, TMT analyst at PP Foresight, who believes stakeholders will be looking on with intrigue.

It was announced earlier this year that the UK would probe the acquisition after Altice owner increased his stake in the company from 12% to 18%.

Pescatore said: “While he [Drahi] is not forced to reduce his stake, you cannot rule out moves to increase it further.

“Feels like the end game seems to be a takeover. One for all key stakeholders including the UK government to continue monitoring very closely.”

The assessment was led by business secretary Kwasi Kwarteng who found, after “careful consideration” that no further action would be taken.

The government cited national security concerns as the reason for the probe, and it had been given powers under the National Security and Investment Act 2021 to scrutinise and intervene if necessary.

The UK government previously welcomed investment but a full takeover of BT could hinder its £15 million fibre transformation programme.

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