The business secretary, Kwasi Kwarteng, said yesterday he was exercising his "call-in power" under the National Security and Investment Act (NSIA) after Drahi's company Altice increased its stake in BT from 12.1% to 18% in mid-December, making him the single biggest shareholder.
The call-in power allows ministers to block transactions linked to important national assets and even unwind them retrospectively if they are deemed to harm national security.
The government had previously warned that it would "not hesitate to act" to protect BT from a foreign takeover if necessary to protect the country's fibre network.
This story is from the May 27, 2022 edition of The Guardian.
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This story is from the May 27, 2022 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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