THE hostile PUBLIC takeover bid (OPA) by BBVA for Banco Sabadell has shaken the Spanish financial landscape. This maneuver, which has been backed by Mexican billionaire David Martínez, Banco Sabadell’s second largest shareholder, could reconfigure the banking landscape of Spain and Europe.
Martínez, through his investor Fintech Europe, has been a key shareholder of Banco Sabadell since 2013. His support for BBVA’s takeover bid is significant, given his position on Sabadell’s board of directors and his 3.49% stake in the capital. .
The takeover bid proposed by BBVA, which has a strong presence in Latin America, especially in Mexico, consists of an exchange of 4.83 Sabadell shares for one of BBVA. This operation values Sabadell at more than 12.5 billion dollars.
If the operation succeeds, it would be the second most important banking merger in
Spain, after that of CaixaBank and Bankia in 2020. The result would be the creation of the second national bank in Spain and the third in Europe, a financial giant with more than a trillion dollars in assets, according to data from March 2024.
However, this hostile takeover has met with strong opposition. Both the entity targeted by the purchase, Banco Sabadell, and the Spanish Government, political sectors and unions have expressed their concern about the possible consequences on competition and employment.
What is certain is that the next movements will be crucial for the future of the Spanish and European banking sector.
THE FALL IN retail sales in Mexico in March highlights a worrying trend that has persisted since the end of 2023. Although consumption remains at high levels, the monthly decrease of 0.2% reflects a weakening of purchasing power and consumer confidence. This decline, the fourth in five months, highlights a pattern of slowdown that, if not addressed, could have significant repercussions on the Mexican economy. Analysts expected growth, but reality underlines the urgency of measures to revitalize consumption and stabilize the retail market.
THE INCREASE IN Inmuebles Carso’s credit rating to ‘AAA(mex)’ by Fitch Ratings could be interpreted as a positive sign, but it also hides significant risks. The real estate sector’s dependence on volatile economic cycles and high capital requirements for maintenance and expansion pose challenges. Although low leverage and solid liquidity are strengths, exposure to fluctuations in property sales and inherent risks in construction and completion must be closely monitored to prevent this apparent success from turning into future vulnerability.
THE CONSTRUCTION OF new airports such as Felipe Ángeles and Tulum during the government of Andrés Manuel López Obrador reflects a supposed advance in infrastructure, but exposes an alarming negligence on the part of the aeronautical authority. The Undersecretary of Transportation, Rogelio Jiménez Pons, accepted the lack of strengthening of the AFAC and Seneam and the lack of 350 air traffic controllers highlights a dangerous gap in air safety. This imbalance between the expansion of facilities and the insufficiency in control and regulation not only compromises operational efficiency, but also puts the safety of flights in the country at risk.
THE STARTUP DEEMBY seeks to encourage voting in Mexico with digital currencies and discounts could be a double-edged sword. The platform, which was created by Francisco Méndez, Sergio Bárcena and Lagatzú López Miró, seeks to strengthen democracy and increase citizen participation, without transforming the act of voting into a commercial transaction or trivializing the electoral process. Democracy is based on the informed and voluntary participation of citizens, not on tangible rewards.
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