MADRID, Dec 12 (Reuters) – Spain plans to extend restrictions on foreign takeovers of companies it deems strategic for two years, the economy ministry said on Monday, confirming an earlier report from newspaper El Pais.
The measures were originally put in place to protect Spanish firms during the pandemic with Madrid imposing an authorisation process for the acquisition by a foreign company of stakes larger than 10% in firms it considered strategic, or for any acquisition worth more than 500 million euros ($525.85 million).
The restrictions, which were originally set to expire in 2021, have already been extended once, until Dec. 31, 2022.
The government also intends to extend the measures to the acquisition of such companies’ assets, the ministry said.
($1 = 0.9508 euros)
(Reporting by Inti Landauro an Belén Carreño; Editing by Kirsten Donovan)
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