Brussels concluded that the public tender offer (public tender offer) hostile BBVA more than 100% of the shares of Bank Sabadell This would not create distortions in the internal market nor would it undermine fair competition within the European Economic Area. However, the final decision on the viability of the operation will have to be taken by the National Markets and Competition Commission (CNMC), so this approval does not mean it will continue.
The operation was notified to Brussels on October 21 and the deadline was extended until November 26. THE community services They needed to determine whether a “thorough investigation” was necessary or whether the merger could proceed without further scrutiny by the EU executive. Finally, Brussels He opted for the second option.
That is to say, the Brussels Competition services decided not to investigate the operation within this new framework. foreign investments. This is not a usual concentration authorization, since it is studied at national level from this perspective.
Brussels sees no problem in the public purchase offer
The European Union has had it since 2023 foreign subsidy regulations (FSR) by which companies must submit to the European Commission detailed information on foreign subsidies received during the three years preceding the entry into force of the new common framework.
Concretely, the regulation establishes that Brussels must be informed of operations in which one of the companies is established in the EU and generates at least 500 million euros in turnover on the Community market and if the companies have obtained from from third countries in the three cumulative financial contributions of previous years exceeding 50 million euros.
In the announcement of the public purchase offer for Sabadell sent to National Securities Market Commission (CNMV), BBVA has already indicated that it will submit a notification to the European Commission to examine the risk of investments from third countries, but clarified that the effectiveness of the operation is not subject to the condition to obtain this authorization.
This approval comes just two weeks after the National Markets and Competition Commission (CNMC) decided to extend its analysis of the public purchase offer and bring it into phase 2 to perform an in-depth analysis.
