EU seeks tougher checks on foreign firms using subsidies to buy European firms

EU seeks tougher checks on foreign firms using subsidies to buy European firms GlobeBusiness

EU antitrust chief Margrethe Vestager speaks during a news conference about the Solvency Support Instrument at EU headquarters in Brussels, Belgium May 29, 2020.The Europe Union wants to introduce more vigorous checks on foreign state-owned or state-backed companies buying European firms to prevent the use of unfair subsidies, the EU antitrust chief said on Tuesday, the latest move to step up protection.

Vestager, who is responsible for vetting state aid granted by EU governments to their companies, will present her proposal known as the white paper on foreign subsidies next week.She said companies already doing business in the 27-country bloc and suspected of being a foreign state-owned or state-backed entity could also be investigated.

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