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The Government shields companies from OPA proof until June 30, 2021

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The Minister of Economic Affairs and Digital Transformation, Nadia calviño, has presented this Tuesday the new urgent measures of the Government to support business solvency in tax matters. Among them, it stands out the shielding of companies within the takeover bid, which now also extends to EU investors.

The Government will thus have the last word if a foreign company wants to control or acquire a certain role (above 10% of the share capital) in a Spanish company based on the strategic interest of the latter.

The novelty is that, so far, this shield only covered Spanish companies against foreign non-EU companies. Now, the Executive of Sánchez extends the veto to those who are also within it. At least until June 30, 2021.

Calviño has clarified that this new measure will be applied to European investors who want to take control or buy a significant stake in listed companies through operations that exceed 500 million euros.

This shield protects only those companies considered strategic at the discretion of the Government, Among them, those in charge of managing state infrastructures (energy, transport, water, health, communications, media, data processing or storage, aerospace, defense, electoral or financial …), those that supply fundamental consumption ( electricity and hydrocarbons) and those with access to personal data.

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