French Prime Minister made it amply clear that France will not tolerate any takeover which is deemed as hostile for its national industries.
On Monday, French Prime Minister Edouard Philippe made it clear that the French government will put its weight behind national companies and will not allow any takeover that are deemed as hostile.
“Let’s not be naive, we won’t hesitate to stand up if French champions come under threat, especially in case of a takeover threat,” said Philippe in a meeting of the National Industry Council in the northern Paris suburb of Bobigny. “This vigilance is not only for the defense and security sectors, it’s for all sectors, including agro-food and cosmetics”.
Earlier in August, the New York Post had reported Danone, a French food group, was the subject of potential hostile takeover.
In September, following the death of Liliane Bettencourt, questions were raised over how L‘Oreal’s founding family and Nestle, a major shareholder, would manage their stakes in the company, the world’s biggest cosmetics firm.