The National Securities Market Commission (CNMV) has concluded that it will approve the brochure of the public acquisition operation (OPA) of BBVA on Banco Sabadell when Competition completes its analysis of the operation, as detailed by the president of the institution, Rodrigo Buenaventura. .
“We consider that the most appropriate thing is for the CNMV to approve the takeover bid once the conditions relating to the business concentration analysis process are known,” Buenaventura indicated during an event held this Thursday, reported by Europa Press.
The National Markets and Competition Commission (CNMC) already decided on November 12 to take BBVA’s operation on Sabadell to phase 2, so that it is now entering a phase of in-depth analysis and may delay until well into the year 2025 your decision on how you see the impact of the operation.
A few months ago, Buenaventura assured during an appearance in the Congress of Deputies that “the rule” allowed the CNMV to “authorize when there are mandatory authorizations, in this case from the European Central Bank.” “We could authorize the brochure at any time,” he admitted.
“In the past the number of OPAS where it has moved to Phase 2 [en CNMC] has been very reduced. We will analyze how the authorization process in matters of Competition evolves, from a temporal point of view, and based on that we will monitor what is the optimal moment for the approval of the brochure,” he indicated in Congress.
He also pointed out that in this process “two legitimate objectives come into conflict,” he noted. On the one hand, “the right of the shareholders to receive the offer to decide on it. There we have the mandate to approve the takeover bids as quickly as possible.” The other, “if the conditions of Competition change the resulting group a lot, in that case, the vision of the shareholders to form a judgment would be very different. We have to evaluate and monitor to decide, once the brochure is complex.”
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