French Prime Minister Sebastien Lecornu issued a decree on Sunday to strengthen oversight of non-European investment in French companies to protect national security.
- An acquisition of 10% or more of the shares of a publicly traded French company operating in a sensitive sector by a non-European investor will now require government authorisation, the decree said, regardless of whether the company is listed in France or abroad
- Screening previously applied when 25% of voting rights in a French company changed hands
- The threshold is being lowered "to guard against opportunistic, non-European equity acquisitions in French companies listed outside the EU that could pose threats to national security", the decree said
- The move occurs amid significant geopolitical tensions, the decree added, and would ensure protection of companies and technologies critical to French security
- To avoid hindering companies' ability to raise capital on markets, the finance ministry will be required to issue a decision within 10 days of an application on whether a transaction requires an in-depth review
- The new rules enter into force later this month
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