Forthcoming changes to the Spanish Companies Act and Securities Market Act


Forthcoming changes to the Spanish Companies Act and Securities Market Act to bring back limited voting and impose additional price requirements to certain takeover bids

Taking advantage of a bill containing minor changes to Spanish company and securities market legislation, which is the final stages of going through parliament, the Partido Popular (People's Party) has just made two formal proposals;

  • one of them to make it possible again for the articles of association of Spanish listed companies to include limits on the number of votes that can be cast by single shareholder, shareholders, from the same group and-this is new- shareholders acting in concert, and
  • the other one in relation to takeover bids for companies recently subject to expropriations or serious natural disasters, which will be subject to certain price additional requirements (price must be shown to be fair, backed by an independent expert report, and cash always offered).

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