French billionaire expresses interest in acquiring larger share of struggling telecommunications company BT

Raising the stakes: French billionaire Patrick Drahi

City sources report that Patrick Drahi, a French billionaire, is considering increasing his stake in BT for the fourth time. Drahi currently owns 24.5% of the company through his French telecoms company, Altice. He is looking to raise his stake to as much as 29.9%, which is just below the level that requires a formal offer to buy the company. However, Drahi has stated that he does not wish to take over BT, which is valued at £12.6 billion. Increasing his stake would trigger an investigation under the National Security & Investment Act, as the government would assess any potential security threats to the country. Last year, Drahi received approval for his stake increase under the same law. BT’s CEO, Philip Jansen, recently announced his plans to step down within the next year. Adam Crozier, BT’s Chairman, is expected to provide an update on the search for Jansen’s successor later this summer. Altice and BT declined to comment.