BBVA’s OPA on Banco Sabadell reaches courts. Specifically, due to the phase two analysis that the National Markets and Competition Commission (CNMC). The National Court has admitted the appeal for the promotion of the … I work against the decision to compete to reject his personation in the process, as he has advanced ‘La Vanguardia’ and has confirmed ABC. And, according to legal sources aware of the resource, the Catalan employer has also claimed precautionary measures that could hold in the temporal stoppage of the OPA.
In the last part of 2024, the CNMC decided to extend its competition analysis on operation at phase two. That means deepening more in the analysis of the problems that the market operation could generate. In that phase, the legislation allows you to appeal in the process to give their opinion to parts that may be interested.
Almost 80 organizations asked to appeal against the CNMC but it rejected all except that formulated by Banco Sabadell himself. Among those rejected was the promotion of work, which decided to bring that decision to the National Court in a contentious-administrative appeal. The argument that gave competition to denied the personation was that a general interest in the operation was not enough.
Now the National Court has decided to admit the resource to process and study the matter, but the situation could go much further. The Catalan employer, in that resource, also requested precautionary measures for the judge to study and take into account the right of promotion to participate in the analysis of the CNMC, an analysis that is key to the future of the OPA. According to legal sources, they have not expressly asked to paralyze the operation until justice is pronounced on whether or not they can participate in the procedure before competence.
The objective of the Catalan employer is that the courts evaluate the right to promote themselves, with what they leave the judge’s decision the possibility of being paralyzed or not the OPA of BBVA. A possibility that, according to the sources consulted, would be the objective pursued by the Catalan employer to be able to give their opinion on the operation before the analysis in the CNMC is resolved.
Although the resource has already been admitted to process, still the National Court It has not ruled on precautionary measures. It is expected to do so in the next few days or a few weeks, once the interested parties are taken to pronounce. After that, legal sources say, the judge will make a decision.
OPA terms
In this way, the script turn that the operation has taken with this resource could make it dilate even more The Basco Bank OPA. At first, BBVA estimated that the OPA could be resolved between six and eight months since its launch, but the CNMC analysis has given the fret with those calculations.
That competition decided to lengthen its test to phase two to make it deeper has caused the times to extend a few more months. The reality, until now, is that the CNMC has the file very advanced and that a verdict could broadcast this March or April, according to financial sources. Now that could be aware of the decision made by the courts.
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