Europese Commissie: Frankrijk moet EU-regels in acht nemen bij industriebeleid (en)

EUOBSERVER/BRUSSELS - The European Commission has reacted cooly to plans by the French government to set up a list of industry sectors in which it would restrict takeovers of the country's key companies by foreign bidders.

French industry minister Francois Loos spelled out the idea in an interview with Les Echos on Monday (29 august), commenting on the rumours about the expected foreign buyouts of a nickel firm Eramet and a food group Danone.

The issue has been given considerable political attention, with some high-profile French politicians calling for stronger protectionist measures.

Mr Loos said the cabinet will press for an implementation of a new EU directive on takeovers that would allow companies to defend themselves with the same anti-takeover instruments as are allowed in the country of the bidders.

At the same time, Paris is planning to publish a list of sectors it considers as strategically important and therefore to be prevented from falling under foreign control.

According to Mr Loos, the measures will "bolster the competitiveness and independence of our companies and to see to it that they can fight with the same weapons as their foreign peers", he was reported as saying following Monday's cabinet meeting - the first after the summer break.

Commenting on the issue, the Commission's spokesman said he had no reason to suspect the French authorities would break the existing legislation, covering foreign takeovers.

"Whatever they do politically, clearly I have full confidence in the fact that they are going to stick to the European Union rules which are governing economic business in the European Union", he said.

The EU's directive on cross-border takeovers was adopted in 2003 after a 14 year debate about its content among the member states.

Its final compromise has been considered as a watered down version of the original text by the previous EU executive, and the commission has been assigned to review the legislation in 2008.