EU proposes €15bn fund to support strategic firms
By Caoimhe Toman
Date: Friday 29 May 2020
(Sharecast News) - The European Commission proposed setting up a €15bn fund to invest in strategic companies that have been especially affected by the coronavirus crisis.
The fund, which still needs to be approved by Brussels, comes after firms worldwide have been left vulnerable to hostile takeovers.
Concerns grew when reports emerged that the US administration wanted access to Germany-based CureVac. At the time, the EU Commission reacted by promising the company €80m in funding.
EU industry commissioner Thierry Breton told a news conference on Friday that the support will go to the companies "that need more capital to continue their expansion".
Breton added that it would also allow firms to shun help from unwanted partners.
According to Reuters, the Commission also estimated that the fund "could generate investments of up to 150 billion euros" in the 2021-2027 period.
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