The Minister of Economy, Carlos Body, explained that he made the decision for ‘reasons of general interest’. The government will make a decision for a month in this context.
The Ministry of Economy has decided Increase the decision to the council of ministers Final around the offer of Public Acquisition (Grandpa) of the BBVA on Banco Sabadell, for “public interest” reasons. This gives the government A period of one month to impose new conditions on the operationwho already had the authorization of the National Commission of Markets and Competition (CNMC).
After the decision of the economy, the BBVA repeated that the operation is positive for Catalonia, Spain and Europe, and reminded them that the entity has adopted “unprecedented obligations” to achieve the consent of the CNMC. Sabadell, for his part, has emphasized Sabadell that the entity has a “solid and credible” future project and remains “Maximizing Value Creation” with a “solo strategy”.
The Minister of Economy, Carlos Body, explained in the corridors of the Senate that the decision made after analyzing all available information and verifying that There are “public interest” reasons To address the issue to the Council of Ministers. Quote problems with regard to The potential impact of the operation When maintaining objectives of sectoral regulations, employee protection, territorial cohesion, the promotion of research and technological development and objectives for social policy.
Five ministries (labor, social security, ecological transition, industry and social rights) had asked to be increased to the final decision to the Council of Ministers.
At the end of April, the CNMC unanimously gave the green light to the operation subject to a series of BBVA obligations to guarantee competition, including various linked to financing to SAB companies from Sabadell.
During the fifteen days that the economy had to pronounce, the ministry opened an unprecedented public consultation so that someone could transfer their opinion through a form. Business associations, consumers and trade unions have shown their concern about the impact that the merger would have on employment.
Bbva raised More than a year Your offer to Sabadell’s shareholders. Until the Council of Ministers does not solve, the National Securities Market Commission (CNMV) will not approve the BBVA offer to the Sabadell shareholders, which increases an exchange of titles, without cash payment.
Source: EITB
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