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| EU announces new powers to restrict takeover bids by foreign entities |
| Brusels, 06.05.2021 |
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| European governments are unable to provide financial support to companies if this aid undermines fair competition.
However, these rules have not been applied to foreign subsidies and the commission wants to change that.
The proposal will now be discussed by European lawmakers and member states before becoming law.
The European Union wants to restrict foreign companies that receive government subsidies from engaging in its market, potentially causing repercussions for Chinese-backed firms in particular.
The European Commission, the executive arm of the EU, proposed on Wednesday three new tools to enable it to have the power to investigate financial contributions given by public authorities from non-EU nations. This would happen when the recipient firm tries to participate in the European market.
"We want every company that operates in Europe no matter where it comes from to respect our house rules," European competition chief, Margrethe Vestager, said during a press conference.
The European Union does not allow European governments to provide financial support to companies if this aid undermines fair competition. However, the rules have left foreign subsidies off the hook for decades and the commission wants to change that.
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