Lately there has been a debate about whether in Spain there is «over-regulation» in these processes and about its possible impact on investment. Reality points to an evolution towards a more sophisticated control process, aligned with the trends of the European Union. Organizations like the CNMC o to Foreign Investment Board (JINVEX) have gained increasing weight in the regulatory phase of M&A operations. The scrutiny not only evaluates the immediate effects of the operation on the market, but also the resilience of critical sectors and the protection of strategic assets in a context of growing geopolitical sensitivity.
For the investor, this introduces variables that, if not managed, can lead to volatility and greater execution risk. Therefore, the challenge lies in managing this complexity so that it does not become a brake on investment, but rather a framework of certainty based on clear criteria.
In this scenario, the communication management with the key decision makers for the success of the operation, it must act as one more piece of the comprehensive strategy. A solid narrative fulfills a critical function: it offers the regulator a clear and noise-free context, facilitating it to make decisions independently, but with full knowledge of the positive impact of the operation.
Anticipate the communication strategy From the design phase of the operation, it allows critical points to be detected before they become obstacles that are more difficult to overcome. Knowing the expectations of decision-makers and how they have previously positioned themselves helps prepare convincing explanations from «day one.» This is especially vital in sensitive sectors such as energy, technology or defense, where information scrutiny is more intense and the risk of third parties installing an adverse narrative is high.
And there are three ingredients that usually work in favor of the interests of a company involved in a operation de M&A. The first is coherence, ensuring that the message is consistent at the technical, legal, public and financial levels, and at the same time, capable of responding to the needs and expectations of the different stakeholders. The other ally is transparency, to the extent that the legal framework allows it, which helps prevent any information gap from generating doubts that complicate the technical analysis.
He value of a company in the market It also depends on your institutional familiarity. Authorities value regular, non-reactive dialogue, built before the operation reaches their table.
Looking to the future, with a European environment increasingly attentive to economic security, the ability to explain the contribution of a transaction to the business, economic and social ecosystem, and its fit into the strategic agenda will be the factor that preserves value and maintains investor confidence throughout the operation cycle. In short, in these times when talking about stories has become so fashionable, narrative is no longer an accompaniment; It is a tool to reduce uncertainty and ensure the closing of an operation in a more complex and demanding market.