The National Securities Market Commission (CNMV) has been in favor of waiting for the government’s decision to approve the BBVA and Sabadell OPA if the analysis of the National Commission of Markets and Competition (CNMC) is finally to the Ministry of Economy and the Council of Ministers, according to Europa Press.
At a press conference to present the 2025 activities plan, the president of the CNMV, Carlos San Basilio, has shared the criterion that marked his predecessor in office, Rodrigo Buenaventura, to wait to know the decision of the CNMC in the analysis in the analysis of the OPA.
“We share from our incorporation [el pasado mes de enero] The criteria that was used to think that it made sense to wait for the opinion of the CNMC, ”said San Basilio.
He believes that the balance must be maintained between investors have all the relevant information at their disposal and that the processes are the shortest possible ones. However, in the case of “relevant” information such as the decision of the CNMC and how could the government’s decision be potentially, consider that it would be “good” to wait to have all that information. He pointed out that they are “provisional” responses and that it will depend on how the process advances and that there is more visibility on the opinion of the CNMC and the position that the government could have if it rises to ‘phase 3’.
On the deadlines for the approval of the OPA brochure, something that depends on the CNMV, San Basilio has explained that it will also be an issue that will be seen as competition analysis progresses. “When we really know at what time the CNMC opinion comes out, if there is ‘phase 3’ or there is … of all that will depend the deadlines” to start the acceptance period.
Asked about the OPA brochure, the president of the institution has assured that the information is already available and the intention is to be able to incorporate “as quickly as possible” the opinion of the CNMC. “That is the goal we have. That the brochure has all the relevant information and that it is available and approved as soon as possible, ”he reiterated.
Analysis at the CNMC
It was in November 2024 when the CNMC announced that the BBVA OPA analysis entered phase 2, which means studying the operation raised in more detail. At that time, competence warned of three possible risks and needed more information to be able to rule them out: a possible worsening of commercial conditions to SMEs, a possible risk of credit reduction to SMEs and possible worsening of conditions in the acquirence market ( TPVS or Dataphones).
This opened the possibility that you are interested in the operation presented allegations, which gave rise to a flood of attempts on personnel by business associations, unions or chambers of commerce up to a total of 79.
Finally, the CNMC ruled out all these characters, except that of Sabadell, as 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 the shipment, by the Competition Directorate of the CNMC, of the fact of the fact of facts (PCH) where the main competition problems posed by the operation are collected, that is, it is not even 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. It was this Friday, after the period of 15 days, when Sabadell has sent them to the CNMC.
In this second phase, the CNMC will carry out 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 Phase 2 the operation has meant, in practice, expand the OPA calendar managed by BBVA. 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 in -depth analysis is completed, 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 that could take it, in turn, to the Council of Ministers and that would pronounce on criteria other than the competence, such as national defense and security or the guarantee of an adequate maintenance of the sectoral regulation objectives.
In the press conference at the end of January to present the results of BBVA, Torres indicated, 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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