London Daily

Focus on the big picture.
Saturday, Aug 22, 2026

Billionaire closer to BT takeover after moves to increase stake

Billionaire closer to BT takeover after moves to increase stake

Analysis: increased control of British telecoms group means Patrick Drahi is one step away from possible deal
Patrick Drahi’s move to increase his control of BT puts him potentially just one step away from triggering a full takeover of the British telecoms business, although the billionaire will now have to wait six more months before he can seal the deal.

Drahi, who informed BT’s chair, Adam Crozier, that he had upped his stake to 18% after the stock market closed on Monday, can continue to increase his control, snapping up more stock, but under UK rules cannot mount a full takeover bid until 15 June.

While the founder of Altice, a telecoms and mass media company, has so far positioned himself as a benevolent investor, his decision to buy more stock on the first trading day after the expiration of a no-bid clause triggered when he made the surprise move to become BT’s biggest shareholder in June, sends a clear reminder of his activist intentions.

One City source said the stake-building approach marked a strategy of “creeping control” without having to pay the premium that would come with a bid offer. Drahi is understood not to have outright economic control of all of the 18% he now holds, but he does have the voting rights.

Drahi’s Altice UK is understood not to have acquired any of the 12.06% stake held by Deutsche Telekom (DT). Tim Höttges, the chief executive of BT’s second-largest shareholder, has said he is “entertaining all options” and referred to DT as a “kingmaker” in regards to the future of the UK company.

A deal between Drahi and DT, which has held its stake in a passive capacity as a legacy of BT’s takeover of the mobile operator EE in 2015, would already pass the 30% threshold at which a takeover offer must be tabled.

Until mid-June 2022 Drahi, who has not as yet requested a seat on the BT board, can only make a move for majority control with the agreement of BT’s board or if a third party emerges with an offer.

BT confirmed that Crozier, the former chief executive of ITV and Royal Mail who officially took over as the chairman at BT on 1 December, and its chief executive, Philip Jansen, met with the culture secretary, Nadine Dorries, on Monday. The meeting, which was understood to be about BT’s role in the national rollout of 5G and broadband, was prior to Drahi snapping up the extra 6% stake.

On Tuesday, the government said it would “not hesitate to act” to protect BT, which is considered critical to the UK’s national communications infrastructure, from foreign takeover if it was deemed necessary.

BT has strengthened its defences by hiring advisers at Robey Warshaw as Drahi looks to cash in on the apparently undervalued telecoms company, which is trading at 65% below 2015 levels.

Drahi’s move followed BT’s £15bn commitment to the rollout of full-fibre broadband to 25m homes by 2026, having gained valuable regulatory and financial incentives guaranteeing significant returns on its huge investment over the long term.

BT’s share price fell more than 5% on the news, making it one of the biggest fallers in the FTSE 100, as investors’ hopes of a takeover for Christmas failed to materialise.
Newsletter

Related Articles

0:00
0:00
Close
Petrol Bombs Set Luxury Cars Alight Outside Birmingham Wedding as Police Hunt Three Men
Bitcoin Surges Toward $80,000 as Short Squeeze and ETF Inflows Ignite Crypto Rally
Prince Harry and Co-Claimants Ordered to Pay £9.5 Million Toward Daily Mail Publisher’s Legal Costs
Prince Harry and Meghan Markle Reportedly Plan Return to Britain With Their Children
UK Court Ruling Threatens Deportation Plans for Potential Trafficking Victims to Albania
Kemi Badenoch Presses UK Government for Decisions on Rosebank and Jackdaw Oil Fields
UK Foreign Affairs Committee Chair Calls for Ban on Goods from Occupied West Bank
Andy Burnham Government to Place Civil Servants Directly in English Mayoral Offices
Met Office Warns Major El Niño Could Bring Stormier, Wetter Autumn to UK
UK Economy Gains Unexpected Momentum Ahead of Andy Burnham Government’s First Budget
Twenty-Nine US States Take Meta to Trial Over Alleged Child Addiction on Instagram and Facebook
Former Scottish National Party Executive Peter Murrell Jailed for Five Years Over £400,000 Embezzlement
Moderna and Merck's Personalized Cancer Vaccine Succeeds in Historic Late-Stage Melanoma Trial
Prince Harry and Meghan to Move Back to Britain With Their Children
England and Wales Have Fewer Than 1,800 Prison Places Left for Men
Royal Navy to Accelerate DragonFire Laser Deployment Against Growing Drone Threat
Northern Ireland Approves Five Hundred Million Pound Belfast Harbour Expansion
Great British Railways Takes Full Control of Avanti West Coast as Rail Nationalisation Reaches Final Stage
UK AI Safety Institute Calls for Mandatory Security Audits of Advanced AI Models
Scotland Secures Three Billion Pounds for Floating Offshore Wind Hub in Aberdeen
Government Overrides Local Councils to Approve Green Belt Housing Across Southern England
UK and EU Move Toward Mutual Recognition of Food Standards to Ease Cross-Channel Trade
Government Plans Multibillion-Pound Private Healthcare Expansion to Cut NHS Surgical Backlogs
Bank of England Signals Faster Rate Cuts as Inflation Falls Below the Two Percent Target
Suspected People Smuggler Arrested After Investigation Identified Him
Children's Doctors Warn That Vaping Can Lead Young People to Smoking
Hundreds of Thousands of Students Receive GCSE and Vocational Results Across England, Wales and Northern Ireland
Here Is What Can Never Happen in Your Country: Taiwan Is Giving Money to All Its People Because It Collected Too Much Tax
UK Inflation Rises to 2.9% as Energy Bills Jump
UK Issues New Conduct Guide for Asylum Seekers on Consent and Respect
Moderna Shares Surge After Positive Personalized Skin Cancer Trial Results
UK Markets Watch US National Debt Surpass Forty Trillion Dollars
UK Broadcasters Urge Government to Invest in Digital Participation and Broadband
CVC Capital Partners and Standard Life Launch Two Billion Pound Pension Risk Transfer Venture
UK Private Sector Productivity Growth Accelerates in Second Quarter
UK Foreign Secretary Ed Miliband Condemns Israeli E1 Settlement Tender
UK Watchdog Investigates Trainline, Virgin Atlantic and RED Driving School Over Hidden Fees
Prince Harry and Meghan Markle Plan Move to Private Home Outside London
UK Retail Sentiment Improves as Summer Spending Boosts Consumer Confidence
UK Aid Cuts Draw Warnings From Charities Over Humanitarian Consequences
UK Financial Conduct Authority Issues Guidance for Motor Finance Redress Scheme
UK Met Office Launches Aviation Programme to Reduce Climate Impact of Persistent Contrails
Former UK Civil Service Chief Received Record 500,000 Pound Severance Payment
West Midlands to Bring Bus Network Under Public Franchising Model
UK Government Drops Plan to Relax Affordable Housing Requirements After Backlash
UK Reaffirms Military Support for Ukraine Despite Russian Hybrid Warfare Threats
UK Technology Sector Expands Nearly 8 Percent as Digital Industry Outpaces Wider Economy
UK Drought Threatens Harvests Across England and Wales as Food Inflation Risks Persist
UK Government Pledges 442 Million Pounds to End Rough Sleeping by Christmas
UK Government Signals Willingness to Reconsider Digital Services Tax Amid US Tariff Threats
×