Foreign companies must apply to the French Government for permission if they wish to own more than 10% of certain listed companies.
France to continue a year of blackmail, it will limit foreign ownership in strategically important companies, the country’s economy ministry outlined on Monday. According to the news agency Reuters.
Foreign companies must obtain permission from the French government if they wish to own more than 10% of certain listed companies. Important sectors include health, electronic communications, new technologies, atmosphere and space, data centers, media and food security.
Prior to the pandemic, a foreign company was allowed to own 25 percent of the company without government intervention.
Biotechnology companies are also subject to government inspections.
“We will not allow foreign companies to take over sensitive French technology,” the finance minister said Bruno Le Maire said at a news conference.
According to Le Maire, strategic companies must be protected as long as the pandemic continues.
The French measures do not apply to EU or EEA companies.
In January France took a tough line against Alimentation Couche-Tard of Canada, which sought to buy the grocery store Carrefour, which is also the largest private employer in France. The transaction did not materialize.
The French government also intervened in 2005 as rumors of Peps’ desire to buy Danone spread.
During a pandemic, the president Emmanuel Macron has spoken of guaranteeing French independence in certain sectors, such as healthcare or industry.
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