Protect European companies from hostile Chinese takeovers
The Covid-19 pandemic has sent the value of many European companies plummeting, making them vulnerable to foreign takeovers. The EPP Group has called for a temporary ban on takeovers by China to prevent that country from acquiring key European technology, infrastructure and expertise.
Manfred Weber, EPP Group Chairman
We as the European People´s Party, we are the party of competition, we are the party of open markets, of trade relationships. But having today´s global economy in mind, we should not be naive. China is on a shopping tour in Europe. They are buying companies, our good companies which are weakened after the corona crisis now. That´s why we also need a protection shield for the future, that we can defend our economic interests. :38
GFX What sectors are affected?
Stefan Berger, German MEP
In the last years, Chinese companies have taken over about 360 European companies. … 7:03 Chinese companies have taken shares in four airports, six seaports, and on wind parks in nine European countries. 7:24 and it can become dangerous because of the question of technology, what will happen to our technology in China.
GFX Isn´t it about jobs as well?
When we speak about modern technologies, then it is in the high interest of the Chinese to buy our companies, to get this expertise, to get this knowledge. And that is what we have to stop, because there are the future jobs, and we have to protect them. :54
Why the focus on China?
If a company gets state aid, it is unfair competition, and so what we want is to protect our economy not against competition, but to protect our economy against unfair competition. 12:49
GFX Why is an EU discussion paper not enough?
We are in the corona shock situation, where the European economy is heavily under pressure, so it´s easy for Chinese investors to come to Europe and to buy our high technology in the companies. That´s why the White Book is welcome, but the White Book is not enough. We now need regulation, we need legislation to protect our industry. 2:33
Laura BarriosEPP TV Assistant ProducerBelgiumlaura.email@example.com+322-2841845