LONDON, May 13 — EU officials are seeking to finalise a plan for public stakes to be taken in key European companies to shield them from the economic fallout of the Covid-19 pandemic, three sources familiar with the matter told Reuters. The European Union is looking to take decisive, unified...
Wednesday, 13 May 2020 11:33 PM MYT
On May 5, after weeks of negotiations, France called for “an equity fund, either to recapitalise or to acquire shares in strategic companies that need capital, especially for those operating in European strategic value chains”, according to a proposal submitted to the EU commission and seen by Reuters.
But German officials have asked for more visibility on the benefits that Europe’s largest economy will get from ploughing a large chunk of the cash into the scheme, they said. It was also championed by internal market commissioner Thierry Breton as a way to protect systemically important businesses in Europe and deter any unwanted takeover or stake-building from outside actors.
The 27-member bloc is also looking at using its central budget to give guarantees to the European Investment Bank that would, in turn, hand out loans to companies struggling in the slump, another source said.
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