The French Government has reportedly designated 20 top companies as ‘national champions’ to be protected from foreign takeover. According to a report in La Tribune on Friday (3 March), retailer Carrefour and dairy manufacturer Danone are included on the list of protected companies.
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In Friday trading, the share prices of many companies included on the list declined slightly, with Danone slipping 0.4% and Carrefour shares dropping 0.7%.
This move enhances France’s reputation as one of Europe’s most protectionist nations, building on a reputation that was enhanced last year when members of the French Government reacted angrily to rumours that PepsiCo was planning a bid for Danone, even though the bid was never submitted.
