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Home >> Business
UPDATED: 09:39, August 30, 2005
France to list industries to ban foreign takeovers
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French Industry Minister Francois Loos said Monday that France is preparing a list of strategic industrial sectors in which it would have the right to prevent foreign interests from taking control of French firms.

"The monetary and financial code has recently been amended to allow the government to prevent a takeover in sectors deemed strategic," Loos said in an interview with French business newspaper Les Echos.

"An implementation decree will be published in the coming weeks to precisely define and list these sectors," he said.

"Our policy is to oppose by principle every acquisition of a French company" but to provide the means for companies to be more competitive and independent, he added.

Rumors last month that the US group PepsiCo was preparing a hostile bid for French dairy group Danone triggered a hostile reaction in French political circles and an up to 27 percent jump in Danone's share price on the Paris stock exchange during two weeks.

French high officials, including President Jacques Chirac and Prime Minister Dominique de Villepin, pledged to strengthen measures to protect French strategic enterprises.

Source: Xinhua

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