BERLIN/FRANKFURT: Germany will protect domestic firms from foreign takeovers, two leading politicians said on Friday, after company valuations in Europe's largest economy have been hammered by the coronavirus pandemic.
Germany's blue-chip DAX index , which comprises the country's 30 largest listed corporations, has plunged more than a third over the past month as the coronavirus outbreak has brought several economies to a near standstill."We will avoid a sell-out of German economic and industrial concerns. There cannot be any taboos. Temporary and limited state support as well as participations and takeovers need to be possible," Economy Minister Peter Altmaier said.
"If most of Bavaria's and Germany's economy ends up in foreign hands once this crisis is over ... then it's not only a health crisis but a profound alteration of the global economic order," he said.German magazine Der Spiegel reported on Friday that Berlin was considering a half-trillion-euro fund to support companies thrown into payments difficulties by the coronavirus crisis, which would be able to guarantee liabilities or even inject capital when needed.
One option is a 40-50 billion-euro "solidarity" fund for the self-employed and businesses with fewer than 10 employees, which could help them buy materials, pay rents and meet leasing payments. The details for this program are due to be thrashed out over the weekend.
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