Switzerland takes step closer to screening foreign takeovers
The Swiss government has reluctantly prepared draft legislation to screen foreign takeovers of sensitive Swiss companies.
The Federal Council was forced by a parliamentary motion to draft up the Bill even though ministers find the measure unnecessary.
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The Investment Audit Act is based on a motion by Beat Rieder, a member of the Valais Council of States. The reason was, among other things, the takeover of the Swiss agrochemical giant Syngenta by the state-owned company Chem China for $43 billion.
In contrast to Parliament, the Federal Council takes the view that there is no need for an investment review. It believes the current rules are sufficient. To date, there are no known takeovers that have endangered public order or security in Switzerland.
According to the announcement, the new, heavily revised template should therefore only take effect if foreign investors take over Swiss companies that are “in a particularly critical area”. Parliament will now debate the Bill.
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