LONDON, Dec 14 (Reuters Breakingviews) - Patrick Drahi is playing the long game at BT (BT.L). The Franco-Israeli billionaire says he doesn’t want to buy the 17 billion pound UK telecoms group; increasing his stake from 12% to 18% says the opposite read more . For now, Prime Minister Boris Johnson would almost certainly nix a bid. But as more European operators fall into private hands with no perceptible impact on their performance, that position may soften. Some shareholders were clearly expecting an early Christmas present in the form of a full takeover. BT shares have gained almost a third since mid-November, as the clock ran down on a six-month moratorium on Drahi making a move. The 47% premium dangled in front of Telecom Italia’s (TLIT.MI) long-suffering owners by U.S private equity giant KKR (KKR.N) only increased the sense of expectation. Hence the disappointment at his incremental accumulation – BT shares fell 7%. Drahi cannot now launch a bid for another six months. But short-term political considerations would complicate a quicker swoop anyway. Many of the Brexit-supporting voters who propelled Johnson to No. 10 would blanche at a foreigner controlling one of Britain’s most recognisable and important companies. A new investment law coming into effect in January gives such sentiments legal teeth. Meanwhile, Johnson’s desire to “level up” poorer parts of the country gives political weight to BT’s upgrade of its Openreach broadband network from copper to superfast fibre optics. On that front, Drahi’s praise of BT boss Philip Jansen may well be genuine. Last month, BT said the rollout was proceeding quicker and cheaper than initially forecast, suggesting no need for outside interference. In two years, things may look different. With another 8 million-odd homes hooked up, the current political sensitivity should have subsided. Furthermore, European take-private deals – including potentially Telecom Italia - may provide evidence that private equity is less destructive than its popular image. For Drahi, the long-term goal would appear to be a carveout of Openreach, whose 3 billion pounds of annual EBITDA would probably attract a far higher valuation multiple on its own. Even if it doesn’t come to that, he has options. If KKR or others have a crack, Drahi is in the thick of it. If Openreach outperforms, he still enjoys the upside. In other words, he can afford to wait. Follow @edwardcropley on Twitter CONTEXT NEWS - Franco-Israeli billionaire Patrick Drahi said on Dec. 14 he had increased his stake in BT to 18% from 12% but did not intend to make an offer for the UK telecommunications group. - Drahi said he had “engaged constructively” with BT’s board and management in recent months and “remained fully supportive of their strategy”, especially in relation to the rollout of a nationwide fibre-optic broadband network. - BT said it remained focused on the “successful execution of its strategy”. - The UK government said it was monitoring the situation closely and would “not hesitate to act if required to protect our critical national telecoms infrastructure”. - BT shares were down 4.8% at 166.5 pence by 0900 GMT on Dec. 14.