Overview
- The government issued a decree on Sunday that requires prior approval for non‑EU investors seeking to acquire 10% or more of shares in French companies operating in state‑designated sensitive sectors regardless of where those shares are listed.
- The rule covers a broad set of strategic areas, including defence, cybersecurity, artificial intelligence, semiconductors, quantum technologies, robotics, space, critical infrastructure, low‑carbon tech and biotech.
- Under the decree the finance ministry must indicate within 10 days of notification whether a full, in‑depth review is needed, a deadline the government says is meant to limit delays for legitimate capital raises.
- Officials framed the change as a response to geopolitical pressure and past cases that raised sovereignty concerns, notably the 2024 Sanofi/Opella sale that led Paris to extract guarantees on jobs and domestic production.
- The move brings France closer to screening approaches used in other EU states such as Germany and Spain and could affect how foreign investors and mid‑stage tech and crypto firms plan equity raises in France.