September 19, 2018 / 12:16 PM / 3 months ago

Berlin: Not considering fund to defend against unwelcome takeover plans

BERLIN (Reuters) - The German government is not thinking about creating a state-owned fund to defend companies against unwelcome takeover approaches but it is working on a mechanism to ensure Germany’s technological sovereignty, an Economy Ministry spokeswoman said on Wednesday.

“We are looking into creating a mechanism with the aim of securing the technological sovereignty of the German industry,” she told a regular government news conference.

Earlier on Wednesday, Reuters cited a government source as saying the German government is taking steps to counter a surge in Chinese bids for stakes in German technology companies, including the creation of a billion-euro fund that could rescue such firms in financial trouble.

Reporting by Gernot Heller and Riham Alkousaa; Writing by Michelle Martin; Editing by Maria Sheahan

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