Los fondos cazaopas logran vía libre para invertir fuera del radar en España

Starting October 28, the significant shareholdings of several Azkoyen shareholders vanished from the CNMV's records, marking a significant change in Spain's investment landscape. This was due to a decree published by the government on October 7, which altered financial sector regulations. This change is aimed at reducing administrative burdens while maintaining necessary transparency, aligning with European standards.

Previously, investors had to declare their significant holdings (over 1%) when they increased their stake to 3% in companies undergoing public offers. However, this rule exempts investors with tax havens as their domicile. Hedge funds, such as Sand Grove, Samson Rock, Harris Associates, Marshall Wace, Millenium, and Qube Research, often target opa processes where they anticipate price improvements, either due to competition among bidders or due to company pressure for a better deal.

For instance, during the Applus takeover battle, these funds gained significant control, nearly swaying the decision to Apollo Global Management's proposed offer.