(Adds details on 500 mln euro threshold, context on Air Europa)
MADRID, Nov 17 (Reuters) - The Spanish government on Tuesday
widened restrictions on foreign takeovers of strategic Spanish
companies so that they also apply to bids coming from companies
based in the European Union, Economy Minister Nadia Calvino told
a news conference.
The restrictions will be in place until the end of June and
do not constitute a ban, but during that time foreign companies
will have to submit takeover proposals to the government for
evaluation when planned investment exceeds 500 million euros
($594 million), Calvino said.
It was not immediately clear whether the rule would affect
the potential acquisition of Spanish carrier Air Europa by
International Consolidated Airlines Group (IAG), the
owner of Spain's flag carrier Iberia.
British Airways owner IAG agreed to buy Air Europa for 1
billion euros last November, but has been seeking to reduce the
price amid the travel crisis caused by the pandemic.
Earlier on Tuesday, news website El Confidencial cited
unidentified sources as saying IAG had managed to cut the
purchase price for Air Europa to 300-400 million euros
($355-$474 million).
The buyer would likely undertake the liability for the 475
million euro state aid package for Air Europa, approved earlier
this month. That debt could bring total investment above the
government-set threshold of 500 million.
($1 = 0.8418 euros)
(Reporting by Belen Carreno and Inti Landauro, writing by
Andrei Khalip, Editing by Ingrid Melander)
International Airlines (IAG)
