France issues law to block foreign takeovers of strategic firms

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French Economy minister Arnaud Montebourg speaks during the questions to the government session at the National Assembly in ParisBy Jean-Baptiste Vey and Benjamin Mallet PARIS (Reuters) – The French government has issued a decree allowing it to block any foreign takeovers of French companies in \"strategic\" industries, throwing up a potential roadblock to General Electric's planned $16.9 billion bid for Alstom's energy assets. Any such acquisition will now need the approval of the Economy Minister, the decree published in France's Official Journal said. The government had not previously given any hint it was considering such a measure, although Economy and Industry Minister Arnaud Montebourg has openly criticized the Alstom-GE proposal and instead advocated a European tie-up with Germany's Siemens . No one at Alstom was immediately available for comment outside European business hours.

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