Abstract

While the U.S.-China hegemonic rivalry has proximately caused a global tightening of national security review of investments, overlooked is the ability of adversaries to influence corporations through share acquisition. The willingness of nations to enter private markets and engage in cross-border investment is an important and transformative dynamic with immense implications. Sovereigns are empowered through shareholding to control corporations and thus substantially influence and/or control another sovereign's political governance, industrial strength and economic future. At a minimum, ...