The competition allows BBVA OPA in Sabadella and leaves the operation in the hands of the government
The National Commission for Markets and Competitions (CNMC) on Wednesday gave a green light to buy Banco Sabadell BBVA, although it With certain obligationsWhich leaves the door open to the government of interference in the operation.
Despite Unanimous approval From the CNMC competitive chamber, headed by President Kanya Fernandez, the resolution is not final, while the Minister of Economics, Carlos, will not decide whether he raises the question of the advice of ministers.
The Minister of the Body, who has already been against the merger several times, period 15 days to make a decisionThe field is expected that he will choose this problem in the Council of Ministers, where you can discuss the possibility of changing or even strengthening the conditions of purchase, which is unprecedented in recent history.
A 2007 Law on the Protection of Competence It provides that any modification of CNMC resolution should be based on the reasons for the general interest, such as national security or environmental protection, in addition to protecting competition.
This uncertainty comes Through almost a year Since BBVA has launched her public proposal for acquisition on Sabella, trying to integrate the Catalan organization and receive savings for 850 million euros in three years. Meanwhile, the National Commission on the Securities Market (CNMV) expects the final approval of the OPA brochure to open the proposal period.
The Ministry of Economics emphasized that at this stage “Strictness and details” will be evaluated “ The CNMC report before making a decision, which may even more postpone the final purchase permit.
