. | . |
German minister wants EU to curb foreign investors by Staff Writers Berlin (AFP) June 9, 2016 Germany's economy minister urged Thursday the EU to shield its key industries from foreign investors after Chinese appliance giant Midea made a controversial bid for German robotics group Kuka. Sigmar Gabriel, who is also vice chancellor, has recently expressed his disapproval of Midea's takeover bid. Writing a guest editorial for Friday's edition of business weekly WirtschaftsWoche, Gabriel said the EU should be protective of not only its security and defence sectors. "We should discuss whether we should also take into consideration the industrial interests of the EU vis-a-vis those of investors, for sectors that are strategic for the future of the European economy," he wrote. "The areas where the seeds of prosperity and value creation of tomorrow are sown have changed. We must take this change into account," argued the centre-left Social Democrat. Chinese appliance giant Midea -- best known for its washing machines and air conditioners -- last month launched a takeover offer for Kuka. It is seeking at least a 30 percent stake in a deal that values Kuka at 4.6 billion euros ($5.2 billion). Midea already holds a 13.5 percent stake in Kuka. In what appeared to be a veiled attack at China, whose state-run enterprises have been going on a shopping spree in Europe, Gabriel wrote that "we have to ask ourselves seriously whether we want investors from third countries who move into our market economy using state resources." "I am not ready to sacrifice jobs and companies on the altar of an open European market," he added. During a press conference on Wednesday, Gabriel had criticised investments made by "companies from countries that have not even themselves opened their markets", in a direct attack at China. Gabriel's comments come just ahead of Chancellor Angela Merkel's visit on Sunday to Beijing. The German leader has so far not commented on the Kuka case.
Related Links Global Trade News
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |