Germany plans to pass legislation by the end of 2019 to create a state-owned fun...
BERLIN - Germany plans to pass legislation by the end of 2019 to create a state-owned fund that can protect key companies from takeovers by Chinese and other foreign firms, government sources said, in a marked shift from its “hands-off” approach to business.
Two senior government officials, who spoke on condition of anonymity, said the idea was for the state-owned investment fund to work with the private sector when buying company stakes to foil unwelcome takeovers. “We see that we cannot lean back anymore and let everything be decided by the free play of market forces,” he said. “And this means more protection from the state.”
The German move also comes at a time the European Union as a whole is reconsidering the bloc’s industrial strategy and relations to China in the face of increased investment in critical sectors by Chinese state-owned enterprises. “Ideally, there will be stake acquisitions together with private investors,” the official said, adding that Berlin had no plans to intervene in daily business decisions. “It’s not about the state becoming entrepreneurial.”
An economy ministry spokesman said investment by the state fund would be limited to “very exceptional cases” and stakes would only be bought for a restricted period.
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