|
|
REPORTSExperts, investors and CNMV believe that the Government's idea of expanding the "anti-takeover shield" will stop foreign investment
"After the partial recovery of the market, everything indicates that the current motivation responds to the risk of potential foreign investors taking control of strategic companies, such as Prisa, Telefónica or Naturgy"
Calviño and Buenaventura, president of the CNMV, two opinions on the shielding of Spanish companies (Photo: File)
The Government will approve a two-year extension, until the Phone Number List end of 2024, of the so-called 'anti-takeover shield', which suspends the liberalization regime for foreign direct investments in Spanish companies in certain sectors considered strategic.
This measure was implemented in 2020, in the middle of the pandemic , to protect companies in key sectors from foreign offers, according to government sources.
The measure, which gives the Executive the possibility of vetoing the entry of foreign capital into these sectors, expired on December 31 of this year and is extended until December 31, 2024.
The second vice president of the Government and minister of Economic Affairs and Digital Transformation, Nadia Calviño. (Photo: EFE/Zipi)
In addition, it increases its firepower , by clarifying that asset sales will also fall within this shield, very frequent operations in the energy sector and infrastructure.
In this context, from the CNMV itself, different investors and jurists consulted by Economist & Jurist believe that this measure may represent a brake on foreign investment at this time because the situation generated by the pandemic is already in the past and normalization must be sought.
El escudo Antiopas se mantinete
José María Viñals , partner of International Trade and Sanctions at Squire Patton Boggs in Spain, clarifies that "the so-called 'anti-opas' shield has become a key instrument of valuation and potential veto of the Spanish authorities in investment and taking positions in the shareholding by foreign groups in strategic companies such as - among others - energy, biotechnology, infrastructure or telecommunications.
José Maria Viñals, partner at Squire Patton Boggs: “The new extension announced by the Government follows the guidelines of the EU as well as those of other Member States, which are monitoring the recent trade and geopolitical tensions as well as the conflict between Russia and Ukraine” ( Photo: Squire Patton Boggs)
For this expert, "this measure to control foreign investment has a clear background of national security and to prevent strategic national assets from falling into the wrong hands or that may pose a risk.
|
|
发表于 2023-11-27 15:26:31