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CNMC to Decide on BBVA-Sabadell Merger
The CNMC is set to decide on whether to move BBVA's takeover bid for Sabadell to a more extensive second phase review, potentially impacting the deal's success and creating uncertainty for investors.
Spanish
Spain
European UnionLabour MarketSpainInternational TradeCompetitionBankingMergerAcquisition
CnmcBbvaSabadellBanco Central Europeo (Bce)Caixabank
Carlos TorresOnur GençCani FernándezCarlos Cuerpo
- What remedies has the BBVA proposed to address competition concerns?
- The BBVA's proposal includes special treatment for SMEs, safeguarding commercial conditions in monopoly areas for three years, and a postcode-based competition analysis to address concerns about market concentration.
- What is the BBVA's argument against a second phase review of the merger?
- The BBVA argues that the merger presents no competition issues, citing precedents like the CaixaBank-Bankia merger, and that the resulting entity wouldn't be a market leader in any segment.
- What is the CNMC's upcoming decision regarding the BBVA's bid for Sabadell?
- The CNMC (National Commission of Markets and Competition) will decide whether to move the BBVA's takeover bid for Sabadell to a second phase, implying a stricter evaluation and potentially delaying the process.
- What are the potential consequences of a prolonged approval process for the BBVA?
- A lengthy approval process could force BBVA to withdraw its bid. The delay impacts the timeline for shareholder approval, creating uncertainty. The CNMV's decision is pending and dependent on the CNMC's ruling.
- What factors might lead the CNMC to reject or impose strict conditions on the merger?
- The hostile nature of the transaction, government opposition, and the potential for increased market concentration raise concerns about competition, leading to the possibility of the CNMC imposing strict conditions or even blocking the deal.