PARIS, Nov 29 (Reuters) - France will extend by one year
existing measures to control foreign parties' investments in key
French companies, to protect companies deemed as strategically
important for the country, said the French finance ministry.
The French finance ministry added that biotechnology
companies were privy to this rule, which applies to foreign
firms which build up a stake of 10% in key French companies.
In January, France took a tough line against any takeover of
retailer Carrefour by a foreign company, dealing a
major blow to a near $20 billion bid approach by Canada's
The French government had also spoken out in 2005 to protect
French big business amid rumors that Danone might
receive a takeover bid from PepsiCo Inc.
The country has since tightened takeover rules to protect
French companies deemed strategic, including under the
presidency of Emmanuel Macron.
During the COVID pandemic, Macron has ramped up calls to
protect French sovereignty in areas such as health care and
(Reporting by Myriam Rivet;
Editing by Matthieu Protard/Sudip Kar-Gupta)