Draghi Shuns Chinese Cash With EU Recovery Funds Coming
- Italian and French officials derail Iveco sale to Chinese firm
- EU funds underscore Europe’s efforts for strategic autonomy
This article is for subscribers only.
With about 200 billion euros ($240 billion) of European recovery funds set to pour into Italy, Prime Minister Mario Draghi has redoubled efforts to shield local companies from foreign takeovers, particularly from China.
The strategy saw Italian and French ministers coordinate to scuttle the sale of the Turin, Italy-based Iveco SpA truck and bus unit to China’s FAW Group Co. this month, according to officials who asked not to be named discussing confidential talks.