The National Markets and Competition Commission (CNMC) announced that it would decide in mid-November whether or not to approve the BBVA public tender offer about Sabadell in phase 1, as reported by a spokesperson.
BBVA takeover decision in November
The reason is that the Competition Chamber met this Wednesday and ultimately did not adopt any decision in this regard. However, the agency indicates that the maximum duration of the first phase is “about to end”, so the decision “will necessarily be adopted at the next few weeksin mid-November.
This is a key step in the process of determining deadlines and maintaining or removing uncertainty for investors, since the commitments or restrictions (recourse) imposed by the CNMC could affect the potential profitability of the operation. In addition, the National Securities Market Commission (CNMV) must decide whether, after having analyzed and accepted the prospectus, it waits for the CNMC or not. For now, he decided to wait until it was determined whether it would be the first or second phase.
If he gives his agreement, the operation would be approved in phase 1. Otherwise, the public offer would move to phase 2 and therefore to a more in-depth analysis which would require, according to several scenarios, to bring it tol Government.
