Germany approves new powers to block foreign takeovers in healthcare

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FILE PHOTO: The headquarters of biopharmaceutical company BioNTech are seen in Mainz, Germany July 31, 2018. REUTERS/Ralph Orlowski

(Reuters) – Germany gave itself new powers to veto hostile foreign takeover bids for healthcare companies on Wednesday, a measure designed to ensure a continuous supply of essential products during the coronavirus crisis.

The regulation, approved by the cabinet, will allow the government to block takeovers of makers of vaccines, precursor chemicals, medicines, protective equipment or medical machinery such as ventilators.

The measure comes after the early stages of the coronavirus saw a worldwide run on materials believed crucial to combat COVID-19

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