BERLIN, Oct 13: Germany is drafting plans to shield domestic firms in strategic areas from unwanted foreign takeovers by giving the government authority to retroactively veto certain foreign takeovers, a magazine said on Saturday.

Der Spiegel news magazine reported the government will get the chance -- for up to four years after a takeover by foreign investors -- to retroactively reverse a deal, according to two plans by the Economy Ministry and Christian Democrats party.

“If there is doubt, the government could order that the deal be negated,” Roland Koch, state premier of Hesse and the leader of a CDU committee on foreign trade.

Companies would be able to seek protection by asking the government, within a three-month period, to determine at the point of acquisition whether the sale of the company is in Germany’s interests.

The government’s scope, however, should be limited to companies that are vital for national security or strategic infrastructure.

“This is not a protectionist measure to lock out foreign investors,” Koch said. He added it was only to ensure Germany “a level-playing field” with other western industrial nations.—Reuters