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Europe should temporarily ban Chinese takeovers, says German political alliance

Christian Fernsby ▼ | May 17, 2020
The European Union should impose a temporary ban on Chinese takeovers of companies that are currently undervalued or have business problems because of the coronavirus crisis, the leader of the bloc’s largest political alliance Manfred Weber said on Sunday.
Manfred Weber
Leader   Manfred Weber
Manfred Weber, a senior German conservative and head of the centre-right EPP grouping in the EU Parliament, told Germany’s Welt am Sonntag newspaper that he was in favour of declaring a twelve-month ban for Chinese investors who want to buy European firms.

Topics: Europe Chinese German

“We have to see that Chinese companies, partly with the support of state funds, are increasingly trying to buy up European companies that are cheap to acquire or that got into economic difficulties due to the coronavirus crisis,” he said.

The European Union therefore should react in a coordinated way and put an end to the “Chinese shopping tour” by imposing a twelve-month moratorium on sales of European companies until the coronavirus crisis is hopefully over, Weber said.

“We have to protect ourselves,” he added.


 

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