Times Online, 20 Aug 2008, Carl Mortished
Germany has moved to protect its industrial assets from the financial power of sovereign wealth funds with Chancellor Angela Merkel’s cabinet approving a bill that would enable the government to bar non-EU investments greater than 25 per cent in German companies.
Giant state-controlled funds in Russia and the Gulf are the target of the German government’s plans for increased scrutiny over foreign investors. The bill was given the go-ahead a day after workers at Hapag-Lloyd, the shipping line, staged a protest on Tuesday over a possible takeover by Neptune Orient Lines - the Singapore rival which is owned by Temasek, the sovereign fund controlled by the state of Singapore.
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Related News:
Berlin draws up rules to control state wealth funds - Gulf Times
German government seeks power to veto takeovers by sovereign wealth funds - Guardian.co.uk
Berlin moves to block takeovers by wealth funds - Arab Times
German Law Could Undo Hapag-Lloyd Sale - Traffic World Online
