[Last updated: 1 January 2025, unless otherwise noted]

The market for control in Spanish listed companies was particularly active during 2024, with over 10 takeover bids announced. This is a significant increase compared to the five takeover bids announced in 2023, and aligns with the trend observed in the previous years and even during the COVID-19 outbreak.

Between 1 January 2019 and 1 January 2025, the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores, or the "CNMV") authorized a total of 27 public takeover bids, of which more than two thirds consisted of transactions to gain a controlling interest in the relevant target company, while the rest were delisting takeover bids or were launched by the target companies themselves within the context of share buyback transactions. With regard to the identity of the bidders, there has been a clear increase in the number of takeover bids tendered by private equity funds in the context of public to private transactions.

As it is typical in a market like the Spanish one, traditionally characterized by highly concentrated shareholdings in most of its listed companies, public takeover bids aimed at gaining a controlling interest are usually launched as voluntary public takeover bids, which provide more flexibility to bidders, and are not preceded by the acquisition of a controlling interest. It is therefore common to see agreements, such as irrevocable undertakings, being formalized between the bidder and significant selling shareholders of the target company to secure the success of the voluntary public takeover bid.