The Government Extends Its Veto On Takeover Bids And Cools The Prospects Of A Possible Corporate Operation By Telefónica.
Bankinter | The Spanish government extends its veto power against possible takeover bids by one year, until December 2022. So in Telefónica (TEF), as a company considered strategic, the government will have to authorise purchases by EU investors of more than 10% of the capital. The ability to veto investments from outside the EU also remains in force indefinitely. These restrictions were imposed in April 2020 to prevent Spanish companies…