France extends state control over foreign investment as pandemic continues – .

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Air France, TotalEnergies, the Nice Côte d’Azur Metropolis and the Nice Côte d’Azur Airport carry out a Nice-Paris flight with 30% sustainable aviation fuel – .


By Joshua Kirby and Dimitri Delmond

France will extend a temporary measure strengthening state control over foreign investments in large companies to protect them amid the persistent coronavirus pandemic, Finance Minister Bruno Le Maire told the television channel on Monday. France 2.

For an additional year, until the end of 2022, the threshold of voting rights from which ministerial authorization is required for foreign direct investments in “sensitive” French companies will be maintained at 10%, against 25% in normal times. . The measure was initially introduced in April 2020 and aimed to protect French companies in the face of market volatility induced by the pandemic and the sharp drop in valuations, which makes them vulnerable to hostile approaches, according to the management’s website. of the treasury of the ministry.

A potential takeover bid for French grocer Carrefour SA by Canadian company Alimentation Couche-Tard Inc. was canceled in January this year after Mr. Le Maire said the government would block such a deal. Carrefour, as a large food distributor in France, is too important for the country’s supply chain to sell, the minister said at the time.

The measure only applies to offers outside the European Union and the European Economic Area for listed French companies, according to general management. The threshold was initially due to return to 25% at the end of 2020 before a first extension until December 31 of this year. The measure will now apply until December 31, 2022, said Le Maire.

In the same interview, the minister said he was not worried about the effects of the new variant of the Omicron coronavirus on France’s economic growth. The country’s growth is “solid” and rests on good foundations, said Le Maire. He noted, however, that concerns remain about supply constraints in the automotive and construction sectors, as well as hiring cuts in the hospitality industry and inflationary pressures linked to supply bottlenecks. .

This story has been translated in whole or in part from a French version originally published by L’Agefi-Dow Jones.

Write to Joshua Kirby at [email protected];  @joshualeokirby;  and Dimitri Delmond at [email protected]

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