March 23, 2020 / 12:19 PM / 15 days ago

Germany tells hedge funds: make no mistake, we'll protect our companies

BERLIN (Reuters) - Germany quickly wants to get aid to companies struggling with the impact of coronavirus, Economy Minister Peter Altmaier said on Monday, adding that Berlin was ready to protect firms from unwanted takeovers with a new fund during the crisis.

“Make no mistake, we’re determined to protect our companies and jobs,” Altmaier said during a joint news conference with Finance Minister Olaf Scholz, adding that this message was directed at hedge funds.

The German cabinet earlier on Monday passed a draft law which envisages up to 100 billion euros ($107.47 billion) for an economic stability fund that can take direct equity stakes in companies.

Reporting by Michael Nienaber; Editing by Michelle Martin

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