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$25 billion French fund to shield companies from takeovers
Vowing to protect French industry from foreign predators and a worsening economic slump, President Nicolas Sarkozy introduced a â¬20 billion strategic investment fund on Thursday and announced its first investment.The idea for a fund, worth $25 billion, which Sarkozy floated a month ago without providing details, is the latest in a string of government measures to help the economy, but clearly not the last. Also on Thursday, the president promised a stimulus package in coming weeks with the aim of investing "massively" in infrastructure, education and research, and hinted that the car industry might get a helping hand. The European Commission will likely be scrutinizing the fund's investments to ensure they do not restrict the free flow of capital, which could lead to legal action by the commission. "I won't let foreign funds get bargains thanks to the current levels of the stock market," Sarkozy said in the speech Thursday. "I won't let French industry move out." He added: "The day we don't build trains, airplanes, cars and ships, what is left of the French economy? Memories. I will not make France a tourist reserve." Posted by: 3dc 2008-11-21 |
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