FRENCH SWOOP ON ONEWEB IN BLOW FOR UK SPACE RACE

A BRITISH satellite maker backed by the taxpayer is set to be snapped up by a French firm in a blow to the UK’s space race efforts.

OneWeb, which currently operates a network of more than 400 satellites, was saved from bankruptcy by Boris Johnson’s government in 2020, leaving taxpayers with a 17pc stake in the firm.

But the company is now in talks to be taken over by Paris-based Eutelsat with a deal expected to be announced in the coming days, the Sunday Telegraph reported.

If the deal goes ahead, the firm is expected to be listed on the French stock market although a secondary listing on the London Stock Exchange could be planned at a later date.

Eutelsat, which already controls around a quarter of OneWeb, is 20pcowned by the French state, sparking fears the company’s operations could be shipped over to France if a takeover is agreed.

Another 5pc stake in Eutelsat is held by China Investment Corp, Beijing’s sovereign wealth fund, meaning OneWeb would be part-owned by one of the West’s strategic rivals.

Sources have described the deal as a ‘French coup’ that could reduce the UK’s influence on the project.