- Belgium: According to a study by GRAYDON, Belgian companies lead the way in terms of foreign acquisitions and forming subsidiaries abroad. Some 9,650 foreign companies had Belgian shareholders in their midst in 2000, but this rose to 10,051 in 2001. In 6,938 cases (69% of the total), Belgian companies held controlling stakes; while in 4,784 cases (47.6% of the total) Belgians own the company outright. The countries favoured by Belgian companies are France, the Netherlands, Luxembourg and...