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Germany to tighten up on foreign takeovers of strategic companies

April 10, 2020


Abstract : The German government is to initiate changes to the law on foreign takeovers of strategic companies following a decision taken at a cabinet meeting in Berlin on Wednesday.

The German government is to initiate changes to the law on foreign takeovers of strategic companies following a decision taken at a cabinet meeting in Berlin on Wednesday.

The measures, aimed at investors from outside the European Union, will impose stricter conditions than previously in place, Economy Minister Peter Altmaier said, characterizing the current German law as "extremely liberal" in this respect.

The changes will, for example, cover provision of essential supplies, such as vaccines and critical infrastructure, including electricity grids.

Altmaier also said the government would soon look into how the production of medical equipment could be boosted in Germany and across the EU.

The change was initiated before the current health crisis and follows initiatives at the EU level by both Germany and France.

One impulse came from the fact that Germany was only with difficulty able to prevent a Chinese company taking a stake in power grid operator 50Hertz.

In mid-2018, Germany's KfW state-owned development bank took a stake of 20 per cent in 50Hertz, squeezing out a bid by the State Grid Corporation of China (SGCC).

An earlier successful takeover of KUKA industrial robotic systems by China's Midea in early 2017 also caused concern.

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