The European Union (EU) is taking steps to protect certain European companies holding “key technologies” from overseas takeovers, competition commissioner Margrethe Vestager (pictured) revealed.

In a speech cited by Bloomberg, Vestager said the EU could put forward a proposal this Autumn which would see the European regulator step in on certain technology deals, after Germany adopted similar rules in July.

Speaking at the Ambrosetti Forum in Italy, Vestager said: “We’ve heard concerns about foreign – often state owned – investors taking over European companies that control key technologies.”

“This issue isn’t simple. It needs careful consideration before we decide how to act.”

In Germany, the government is now able to block acquisitions involving cutting edge technology, with the issue first coming to light after China-based consumer electronics company Midea Group made a bid for robot maker Kuka in 2016.

Midea’s acquisition was finalised in January without any intervention, despite concerns raised by Germany’s economy minister.

Currently, the EU can rule against any mergers on competition grounds, while national governments can also step in if they have concerns a takeover could affect national security.

Google still “wonderful”
Talking to CNBC at the forum, Vestager also had words of praise for Google, despite the EU hitting the technology giant with a €2.4 billion fine for anticompetitive behaviour.

She said the decision to fine Google was about “legal behaviour that they should and can correct”, but added the company did not have a bad attitude to competition.

“In other respects, Google is a wonderful company, very, very innovative and they brought us innovation that has changed our lives,” she said.

Google was fined after the EU found the company guilty of favouring its own shopping comparison website on its search engine, over the competition.

The company last week reportedly submitted a proposal on how it plans stop the practices.