Switzerland takes step closer to screening foreign takeovers

The Swiss government has reluctantly prepared draft legislation to screen foreign takeovers of sensitive Swiss companies.

The Federal Council was forced by a parliamentary motion to draft up the Bill even though ministers find the measure unnecessary.

The Investment Audit Act is based on a motion by Beat Rieder, a member of the Valais Council of States. The reason was, among other things, the takeover of the Swiss agrochemical giant Syngenta by the state-owned company Chem China for $43 billion. …