Up to fifteen organizations have asked the National Markets and Competition Commission (CNMC) to appear in the public acquisition operation (OPA) of BBVA over Banco Sabadell, a term that has already ended.
These are entities that have announced their intention to appear, since the CNMC does not publish the list of organizations that have formally entered into the procedure, although it can be made public – although it is not mandatory – in the final report.
For an entity to be able to appear, the CNMC must assess whether or not they have a legitimate interest to be part of the operation and “it is not enough to have a general interest”as sources from the organization have informed Europa Press.
“Given how sensitive the merger control procedures are for the companies involved, the CNMC is always very strict by granting the status of interested party”, they have pointed out.
Regarding the requests, Banco Sabadell itself, as well as the Association of Minority Shareholders of Sabadell, have asked to appear in the case, in addition to the Catalan employers’ associations. Promotion of Treball, Pimec and Cecot.
Unions have done it too. UGT and CCOO, the General Council of the Chambers of Catalonia, the Chamber of Sabadell (Barcelona) and the Chamber of Alicante.
On the part of the Generalitat, the Catalan Competition Authority (Acco) has requested it, which will also make a report on the possible impact of the takeover bid at the request of the CNMC.
As for local Catalan entities, they have requested it Gremi de Fabricants de Sabadell and the Sant Cugat Empresarial association (Barcelona).
Other organizations Those who have asked to be part of the process are the Business Confederation of Pontevedra (CEP), the Financial Club of Santiago (CFS) and the Business Confederation of the Valencian Community (CEV).
Access
The rights that organizations that appear and that have the status of interested party have are regulated in the Competition Defense Law and the Regulations for the Defense of Competition.
As stated in the regulations, the CNMC will notify the interested parties of the specification of facts and the entities may intervene in the different procedures, although the exercise of their rights “in no case may it alter the normal development of the procedureor, nor suppose a delay in the deadlines, nor retroaction of the procedures already expired.”
After notification of the statement of facts, they may request to see the file, once it is not confidential, and formulate allegations in a ten day period.
In the event that the allegations go ahead, the Investigation Directorate may grant the interested parties a new deadline so that they can send their observations in this regard, and they will also be kept up to date on the oral hearing, which they can request to attend.
Regarding the status of the operation, the president of the National Securities Market Commission (CNMV), Rodrigo Buenaventura, announced that the body would approve the takeover prospectus. when Competition completed its analysis of the operation.
#Fifteen #organizations #BBVAs #takeover #bid #Sabadell
