Germany: State wants to protect the country's “family jewelry”
Text by: RFI Follow
The coronavirus pandemic leads in many countries to massive state interventions to support the economic situation. But also to learn from the lessons of the past few weeks in order to protect sectors deemed strategic, in particular in the fight against epidemics. The German government decided yesterday to enter the capital of the CureVac laboratory, in the running to produce a vaccine against Covid-19.
Publicity
Read moreWith our correspondent in Berlin, Pascal Thibaut
" We don't sell family jewelry ." Peter Altmaier, the German Minister of Economy, confirmed yesterday, Monday, June 15, his commitment to a public industrial policy protecting companies deemed strategic from foreign interests. Two years ago, Peter Altmaier made the German State take a stake in an energy company in which a Chinese investor was interested.
23% of the capital
This time, the public bank KfW will become a shareholder of CureVac, a German laboratory located in Tübingen by spending 300 million euros. The State will hold 23% of the capital but will not interfere in the management of the company. One month before the company's listing on the New York Stock Exchange, redemption by a foreign investor should therefore be avoided.
Tough Legislation
In March 2020, the media reported that Berlin had to intervene to stop White House-led attempts to buy CureVac. Information denied by the company. Berlin had already tightened its legislation to allow the state to have a veto if a foreign investor wanted to take over 10% of the capital of a strategic company for the infrastructure of the country. This provision should be extended to the medical sector, biotechnology, artificial intelligence and robotics.
Read also: Coronavirus: Germany in turn enters recession
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