Deals
France Creates Fund to Protect Tech Startups from Takeovers
- Finance Ministry sets aside up to 500 million euros for fund
- Distressed tech firms may become ‘prey’ for foreign bidders
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France is creating a fund to protect home-grown technology companies that may become “prey” for foreign buyers, adding the vehicle to its bailout package for startups.
The Finance Ministry has created an initial 150 million euro ($170 million) fund through state-backed lender Bpifrance Financement SA to invest in local companies if they’re approached by an unsolicited foreign investor, it said in a statement on Friday. The government may increase the fund to 500 million euros from early next year.