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ARTICLE · 04 JANUARY 2019

Germany Expands Its Powers To Block Takeovers By Foreign Investors

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The German government lowered the threshold for acquisitions of German companies by non-EU and non-European Free Trade Association ("EFTA") acquirers.

GermanyAntitrust/Competition Law
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The German government lowered the threshold for acquisitions of German companies by non-EU and non-European Free Trade Association ("EFTA") acquirers.

Germany has expanded its powers to block takeovers of German companies by non-EU investors by lowering the applicable thresholds and expanding the definition of critical infrastructure under the German Foreign Trade and Payments Ordinance ("AWV").

Previously, the AWV authorized the German government to review acquisitions of German companies active in military goods and cryptotechnology (sector-specific review) by non-German companies or German companies active in other business areas (including "critical infrastructure") by non-EU/non-EFTA acquirers if the foreign acquirer acquired 25 percent or more of the voting rights in the German target company. Asset deals are covered if the foreign acquirer acquires "a business."

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