PARIS (Reuters), – France has extended by one year its restrictions on foreign ownership in companies it considers strategically important for the country. This was announced Monday by the French finance ministry.

French authorities must give permission to foreign companies wishing to acquire more than 10% of listed companies in certain sectors, such as aerospace, digital communications and media, or food safety. This is a decrease from the 25% threshold prior to the pandemic.

According to the ministry, biotechnology companies also have access to international direct investment screening.

Bruno Le Maire, Minister of Finance, said at a press conference that “we won’t let any sensitive technology go” and warned against foreign companies taking control over French technology.

The pandemic will continue and the economy is unstable for as long, so strategic companies must be protected. Therefore, the eligibility threshold was lowered.

Le Maire explained that foreign ownership is mandatory if you plan to purchase a 10% interest in any listed French company.

Le Maire stated that the measure, which is not applicable to European Union and European Economic Area businesses, was extended to end-2022. He didn’t give any indication of what would happen beyond that date.

France resisted a retailer takeover attempt in January. Carrefour (PA:), Canada’s Alimentation Couche-Tard. This is a significant blow to Canada’s bid of nearly $20 billion.

Following rumours suggesting that Danone may be under threat from PepsiCo (NASDAQ) Inc., the French government has also voiced concern in 2005.

During the COVID-19 epidemic, President Emmanuel Macron has intensified calls for French sovereignty in areas like health care and industry.