Germany's Weber: Chinese purchase of Kuka shows we must protect European firms

FILE PHOTO: Manfred Weber, member of the Christian Social Union (CSU) party and top candidate of the European People's Party (EPP) for the European elections, speaks at the CSU party meeting in Munich, Germany, January 19, 2019. REUTERS/Andreas Gebert - Copyright ANDREAS GEBERT(Reuters)

By Reuters

Published on 28/01/2019 - 14:04•Updated 19/04/2024 - 10:28

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MUNICH (Reuters) - German conservative Manfred Weber said on Monday that the 2016 purchase of German robotics maker Kuka by China's Midea showed that it was necessary to protect European firms.

Weber is leader of the European People's Party in the European Parliament. His comments come after Germany agreed new rules in December to lower the threshold for screening and even block purchases of stakes in German firms by non-Europeans, in a move to fend off unwanted takeovers by Chinese investors in strategic areas.