Germany, France and Italy have called on Brussels to grant them a right of veto over Chinese high-tech takeovers, in a sign of the growing protectionist backlash against Chinese investment in Europe’s most sensitive industries.
Germany’s economics ministry said the three governments had written to Cecilia Malmström, EU trade commissioner, with the aim of opening up a debate on the issue. It said they wanted to create the legal basis for national governments to be able to “intervene in direct investments which are state-controlled”.
A copy of the letter, quoted by the news agency DPA, said Germany and other European countries “should have more scope to investigate individual takeovers and, where applicable, block them”. At issue are deals that are “unfair . . . because they rely on state funds or are aimed at buying up important technologies”.