European countries should buy stakes in companies to stave off the threat of Chinese takeovers, the EU competition chief has said, as Brussels steps up plans to protect businesses fighting for survival during the Covid-19 pandemic.
Regulators are already working on proposals to grant EU countries sweeping powers to derail unfair competition from state-backed enterprises.
Margrethe Vestager, also executive vice-president of the European Commission, told the Financial Times: “We don’t have any issues of states acting as market participants if need be — if they provide shares in a company, if they want to prevent a takeover of this kind.”
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