The National Commission of Markets and Competition (CNMC) has given the supply of purchase of shares (OPA) of BBVA on Banco Sabadell. He does it when a year has almost spent since the entity chaired by Carlos Torres agitated the Spanish financial system by confirming his intention to buy one of his main competitors.
The agency chaired by Cani Fernández has approved the offer, but with commitments that BBVA will have to comply, after a marathon meeting this Wednesday, since a few hours ago he assured that he had not yet made any decision.
That step opens the door to the executive can enter to analyze on the bottom of the operation. From now on, the Ministry of Economy, Commerce and Company, headed by Carlos Body, will have 15 days to decide if it takes integration to the Council of Ministers, which will be able to maintain the demands approved by the CNMC, impose other different ones and, also, veto the OPA.
Before knowing the competition response, BBVA recognized on Tuesday that this was the scenario that saw the most feasible, that of an approval with commitments, and was confident that the measures he has proposed are enough to convince the Executive. Otherwise, if you consider that the demands imposed on you do not “create value for your shareholders, we can back up” and withdraw the offer, according to its CEO Onur Genç.
A few weeks ago, the president of Banco Sabadell, Josep Oliu, once again defended in the shareholders’ Board one of the arguments that the Catalan entity has stressed for a year, which “generates more value to maintain both banks independently” and that, in its opinion, the integration would raise “serious problems for competition.”
Source: www.eldiario.es
