Oh nice, tell me what legal basis you will use to stop a takeover bid. Have a look at NXP and a whole raft of other absolutely critical companies whose shares eventually wound up in the hands of countries hostile to Europe.

We have a whole department in the EU that would like nothing better than to be able to stop these kind of things from happening but time and again the business world finds a way around it. That's one of the main issues with the EU: we play by the rules even if the rest of the world does not. But that's a very expensive principle to let go and I for one am happy that so far they have not, even if you think it is 'spineless' it actually is the opposite.

Not all rules are created equal.

You are fool to play by the rules designed by the others to prey on you.

US/China/Russia would not let their critical infrastructure get in the hands of potential adversary.

If EU does, that just means it has resigned to the role of vassal. In such case it is fair to call them spineless.