The Minister of Economy, Commerce and Company, Carlos Corpora excessive concentration in the market, particularly for Catalonia and also for the Valencian Community. The head of Economics, which has attended the Mobile World Congress (MWC) that is celebrated in Barcelona, He has requested, however “not anticipating events” and wait for the conclusion and analysis of the National Commission of Markets and Competition (CNMC), about to conclude its analysis of the operation in Phase II.
Questioned about the position of the Executive in the OPA, body has added that the Government has already exposed its “concern” regarding the operation when it was made public, and has pointed out that it could mean excessive concentration in the market, in particular for Catalonia and also for the Valencian Community, according to Europa Press.
The National Securities Market Commission (CNMV), which must approve the OPA brochure, has been in favor of waiting to know the government’s decision if the CNMC analysis finally rises to the Ministry of Economy and the Council of Ministers.
It was in November 2024 when the CNMC announced that BBVA’s OPA analysis entered into Phase IIwhich means studying the raised operation in more detail. At that time, competition warned of three possible risks and needed more information to be able to rule out: a possible worsening of commercial conditions to SMEs, a possible risk of credit reduction to SMEs and a possible worsening of conditions in the TPV market.
This opened the possibility that you are interested in the operation presented allegations, which gave rise to a flood of attempts on business associations, unions or chambers of commerce up to a total of 79. Finally, finally, The CNMC ruled out all these characters, except for Sabadellas well as the two reports of the competence authorities of the most affected regions: Catalonia and Valencian Community, whose character is not binding.
The next step has been shippingby the Competition Directorate of the CNMC, From the specification of the facts (PCH) Where the main competition problems posed by the operation are collected, that is, it is not a proposal for action by the CNMC or a decision of the management.
This document was referred to the interested parties (BBVA and Sabadell) on January 31, which opened a minimum and 15 days at the maximum of Sabadell could present allegations.
In this second phase, the CNMC Make a new market testing of the commitments that BBVA has proposed To reduce or cancel the identified risks, taking into account the opinion of organizations affected by the operation, such as other banks or business organizations.
OPA calendar
Raise to Phase II The operation has meant, in practice, expand the OPA calendar that BBVA handled. This phase can last up to three months, although the possible suspensions that competition can apply to request more information are not counted within this period.
Once this analysis is over, Competition may approve the operation without conditions, with them or prohibit them. In the case of the last two cases, the operation would be high to the Ministry of Economy, which could take it, in turn, to the Council of Ministers and would pronounce on criteria other than the competence, such as national defense and security or the guarantee of adequate maintenance of the objectives of sectoral regulation.
In the press conference at the end of January to present the results of BBVA, the president of the entity, Carlos Torres, said, however, that he expected the decision of the CNMC “in the coming weeks”. In fact, analysts such as Bank of America or Federated Hermes have pointed out what would be known before Easter.
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