EU seeks to rein in competition from foreign rivals

BRUSSELS (AP) — Amid China’s growing influence in the bloc’s single market, the European Union has unveiled plans  to rein in the influence of foreign rivals and fight unfair competition. With its new proposals, the EU Commission could also stop hostile takeovers of European companies by rivals backed by non-EU governments. The Commission said its plan is open for public consultation until the end of September before legislative proposals can be considered by member states and the EU Parliament. Commission’s plan could help protect thousands of European business that have been severely hit by the pandemic from hostile takeovers.