Strategic Polish businesses are now safeguarded under the amended acquisition regulations
Poland Enacts New Law to Bolster Control Over Strategic Companies
Poland has enacted a new law that grants the government direct control over approvals of mergers and acquisitions (M&As) involving companies deemed of strategic importance. This legal framework effectively shields these companies from foreign takeovers, aiming to protect national security and economic interests.
The new law, signed by President Andrzej Duda, comes in response to a volatile geopolitical environment, economic tensions involving China, and the global instability engendered by the war in Ukraine. Under the new regime, 23 companies, including major energy groups Orlen and Tauron, media and telecommunications firms Orange Polska and TVN (US-owned broadcaster), are now under special protection.
The law replaces a temporary post-Covid investment control regime and extends protection to companies with revenue thresholds, unlike the earlier law. The measures were necessary due to the global instability engendered by the war in Ukraine and the economic tensions involving China.
The law mandates government oversight, probably requiring prior governmental approval for M&A transactions where strategic companies are involved, particularly if foreign investors are parties. The new law shields strategic companies in sectors including energy, defense, telecoms, and banking from foreign takeovers.
Key points inferred from the regulatory context suggest that the law likely targets sectors considered strategic, such as energy, defense, telecommunications, infrastructure, or technology. The law's intent is to prevent foreign control of key assets, aligning with broader EU trends encouraging member states to strengthen foreign investment screening for critical assets.
However, the exact procedural or substantive rules the law imposes are not explicitly detailed in the currently available sources. It is known that government consent is required for acquisitions of companies exceeding EUR 10 million in revenue in the sectors of energy, telecoms, and defense.
The new legislation, which took effect on July 24, 2025, has been controversial. Prime Minister Donald Tusk has emphasised the need to protect key national assets, particularly media outlets vulnerable to hostile influence. President Duda has warned of foreign entities who might exploit Poland’s resources and harm its nation.
The new law represents a move to intensify state control over sensitive corporate transactions to protect national strategic interests. It is reminiscent of past instances where foreign entities have harmed Poland, and it reflects a trend toward safeguarding national interests in critical industries.
[1] Source: Overview on Poland’s corporate governance landscape and M&A activity (July 2025)
- The new law, which targets strategic sectors like energy, defense, telecommunications, and banking, has been enacted to protect Poland's national security and economic interests, and it implies stricter foreign investment screening for critical assets in accordance with broader EU trends.
- The government's control over approvals of mergers and acquisitions (M&As) involving strategic companies, as stated in the law, is expected to increase as it aims to prevent foreign control of key assets, potentially leading to changes in the broader business, finance, and politics landscape of Poland.
