National security review launched after French billionaire bought BT stake Business

Officials have 30 working days to complete their assessment, but this can be extended for an additional 45 days if necessary.

The French tycoon’s participation has fueled speculation that he could make a takeover bid on the FTSE 100 company.

After increasing its stake by 12% in December, Alitice said it had no plans to bid on BT. This triggered a six-month freeze period, which was due to expire in June.

At the time, the government said it was “monitoring the situation carefully” and would “not hesitate to act if necessary to protect our critical telecommunications infrastructure”.

It is the second time Mr Kwarteng has used so-called appellate powers in 24 hours, having last referred a Chinese takeover of chipmaker Newport Wafer Fab for investigation.

The powers, which are part of the National Security and Investment Act, were introduced in January to give the government the ability to scrutinize foreign takeovers more closely.

Mr. Drahi is used to cutting costs and using debt leverage to secure deals.