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NEWS: Anti-Foreign Take overs - More French Protectionist Laws

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posted on Sep, 12 2005 @ 05:50 AM
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The French government is to implement anti-foreign take over laws to protect 10 key industries vital to national security. The government has vowed to defend French food producer Danone from a take over bid from Pepsi Co. Other industries included in the anti-foreign take over legislation include arms manufacture, encryption, biotechnology, data security, casinos and antidote production. According to EU Internal Market Commissioner Charlie McCreevy these new French laws are against EU law and he will "vigorously pursue" the matter.
 



news.yahoo.com
PARIS - French plans to vet foreign takeovers in newly defined "strategic" sectors are coming under fire from a growing number of critics — including companies the government had vowed to protect.

A soon-to-be-published decree, touted by ministers after rumors of a PepsiCo Inc. bid for French food company Danone SA provoked a political outcry in July, would give the government a veto over takeovers in 10 industries deemed sensitive to national security.

Sectors on the list, already confirmed by the Finance Ministry, include several over which most states retain tight control, such as arms manufacturing and encryption.

But the decree also covers companies with activities in biotechnology, data security, casinos and antidote production — fueling concern that it could lead to a broader kind of protectionism.


Please visit the link provided for the complete story.


France is becoming increasingly socialist lately, more so than usual. Couple this with the demands that oil companies pass on their record profits in the form of price drops and you have an obvious socialist agenda appearing. Although its no different to Unocal's American protection from being gobbled up by a Chinese conglomerate. I wonder, why did British Petroleum go to such lengths to hide the fact that they were bought out by American firm Amoco? Would Britain of looked kindly on that take over? How about if Haliburton was facing a hostile take over from a Russian or Chinese firm?

I happen to see this new law to be a good thing as socialism can be worked into a morally sound version of capitalism, if managed correctly. But thats my personal opinion.

I hope this isnt just a cynical political game to bolster Chirac's flagging domestic support. Otherwise good move France! Atleast they are opposing foreign corporations pillaging their citizens, better to keep the money in the pockets of French corporations I suppose. Lesser of two evils etc.

Related AboveTopSecret.com Discussion Threads:
NEWS: France Threatens Oil Companies With "Special Taxes" If Prices Dont Fall

[edit on 12/9/05 by subz]




posted on Sep, 12 2005 @ 12:54 PM
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How does all of this fit in with the whole EU scheme of things. I thought such things especially within the EU spere woere not to occur??

I can understand wanting to protect strategic industries, but a Casino????



posted on Sep, 12 2005 @ 11:39 PM
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There the french go again, providing entertainment for the rest of the world on a national scale.

To understand French 'logic', think in children's terms - they didn't get their way on some recent EU and world issues, so now they're taking their toys and going home.



posted on Sep, 13 2005 @ 04:11 AM
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Originally posted by centurion1211
To understand French 'logic', think in children's terms - they didn't get their way on some recent EU and world issues, so now they're taking their toys and going home.

That sounds awfully familiar, I wonder where else I have seen that behaviour.



posted on Sep, 13 2005 @ 04:31 AM
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Originally posted by subz
That sounds awfully familiar, I wonder where else I have seen that behaviour.


Oh you mean that guy whose online name starts with s and ends with z?



posted on Sep, 13 2005 @ 04:42 AM
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Originally posted by subz
That sounds awfully familiar, I wonder where else I have seen that behaviour.


You mean the Chinese buyout of Unocal that US protectionists opposed?

UNOCAL China Takeover Prohibition Act



posted on Sep, 13 2005 @ 04:45 AM
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Originally posted by Muaddib
Oh you mean that guy whose online name starts with s and ends with z?

Im still here Muaddib, so I just know you arent refering to me



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