France, Germany, Italy to Work With EU to Curb Foreign Takeovers
The EU Commission presented proposals for investment screening framework.
The European Commission presented proposals for an investment screening framework that would limit China's ability to purchase vulnerable European companies in infrastructure, hi-tech manufacturing and energy Wednesday, finding support from France, Germany and Italy.
"Germany, France and Italy firmly welcome the Commission's proposals as an important step toward a level playing field in Europe," the German Economy Ministry said in a statement.
The move comes after Chinese company Midea purchased German robotics make Kuka last year, raising concerns that China was gaining invaluable intel while also shielding foreign investments domestically.
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