The president of the National Securities Market Commission (CNMV), Rodrigo Buenaventura, has affirmed that it is positive to allow the purchase of Spanish listed companies by foreign entities, suspended in the pandemic in strategic sectors, once the situation of the stock markets has normalized.
In his intervention in the Spain Investors Day, Buenaventura has highlighted the value of foreign investment to face the recovery of the economy and allow shareholders to benefit from the premiums that are usually paid when submitting purchase offers or other control operations of companies. The international opening is “a value in itself” from the point of view of the market and the shareholders and investors, he pointed out.
However, Buenaventura has pointed out that in this matter many interests must be combined and that the Government must ensure the general interest.
The Government approved a rule at the beginning of the pandemic to prevent movements of takeover of Spanish companies by entities outside the European Union in sectors considered strategic, taking advantage of the low share prices as a result of the crisis. The regulation has been extended twice during 2021, the last one last November until the end of 2022.
On the other hand, the president of the CNMV has made a call to encourage SMEs access to the stock market to improve their sources of financing and make them more solid in the face of future crises.
He has called for measures to increase the market culture, the training of SMEs, independent advice on financing issues and orient the investment made by funds and other institutions towards these listed markets of small companies.
As he recalled, SMEs have a much greater presence in the large stock exchanges in Europe than in Spain, where there is a segment for this type of company (BMW Growth), although it is small compared to the market where large companies are listed.
The stock markets have shown in these almost two years of crisis that they are a fast and efficient way to raise funds to face complicated situations and provide a source of financing without having to resort to bank debt, he pointed out.