June 12, 2020 / 4:28 PM / a month ago

EU wants power to block foreign companies using state subsidies for takeovers- EU draft

BRUSSELS, June 12 (Reuters) - The European Union wants the power to block foreign companies from buying more than 35% of EU firms if it finds that unfair foreign subsidies have been used for the takeover, according to an EU proposal seen by Reuters.

The proposal, which European Competition Commissioner Margrethe Vestager will present on June 17, also targets companies operating in the bloc and benefiting from foreign subsidies to grow market share or underbid European rivals.

Such companies may have to sell assets to address distortions in the EU single market due to their foreign subsidies. (Reporting by Foo Yun Chee, editing by Louise Heavens)

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