July 11, 2017 / 10:03 PM / 7 months ago

Germany to protect firms from foreign takeovers-report

BERLIN, July 12 (Reuters) - The German cabinet is set to discuss plans on Wednesday that will make it easier to intervene to stop the sale of strategic firms to foreign investors, a newspaper reported.

The Sueddeutsche Zeitung daily said it had obtained a copy of new regulations proposed by the economy ministry which will allow the government to block takeovers if they could endanger critical infrastructure.

The move comes after the takeover of German robotics maker Kuka by China’s Midea sparked controversy, amid fears that China is taking control of key technologies while protecting its own companies against foreign takeovers. Earlier this year, the German economics ministry withdrew approval for Fujian Grand Chip Investment Fund (FGC) to buy chip equipment maker Aixtron, citing security concerns. (Reporting by Emma Thomasson; editing by Andrew Roche)

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