Watch Out For China Buying Spree, NATO Warns
Watch out for Chinese companies swooping in with buckets of cash to buy strategic stakes, or majority control in U.S. and European companies as asset prices fall due to the pandemic.
NATO sounded the alarm this week, though without naming names.
“The geopolitical effects of the pandemic could be significant,” said NATO Secretary-General Jens Stoltenberg in web conference of defense ministers on Wednesday. “Some allies (are) more vulnerable for situations where critical infrastructure can be sold out,” he said. Of course he meant China. China has been busy buying Greek ports.
It already pretty much runs Italian textiles. It’s a wonder Italy even makes an espresso machine anymore.
China Overseas Shipping Company, aka COSCO, owns 90% of the only terminal operator in Belgium. COSCO has a 51% stake in and managerial control of port terminals in Valencia and Bilbao, Spain. They also have minority stakes in other terminals in Antwerp, Las Palmas and Rotterdam, according to a December 2019 study by a Netherlands think tank, seen here.
John Sawers, former MI6 chief told Sky News this week that, "We need to do more to protect Western technology from being bought up by Chinese companies. I don't think it's an existential threat in the way the Soviet Union was in the Cold War, but nevertheless there is going to be deep rivalry over control of technology,” he reportedly said.