Rumours of an IPO by PepsiCo. on Danone have reignited a hot debate in France on the means to protect national companies from foreign takeovers. A few weeks ago, the French Prime Minister alluded to the promotion of “Economic Patriotism”. Now, the government intends to adopt a list of strategic industries with respect to which it will be able to forbid a proposed takeover. Rather than commenting on the substantive aspects of the subject (inspired, for the most, by demagogical objectives), it is difficult to understand how the French worry so much about this matter, while French companies have recently illustrated they were good at acquiring foreign companies. In fact, it seems that the rules allowing companies to invest freely around the globe are, on balance more beneficial than detrimental to French companies. To quote just but a few examples, see the acquisitions of Electrabel by Suez, Allied Domecq by Pernod Ricard, Amena by France Télécom, and today, the IPO launched by St Gobain on BPB. See also here, here and here, for more info on the subject.