BBVA announced her decision not to abandon her public proposal for acquisition (OPA) on Sabadell after analyzed the condition that the government left last week for the operation. This was reported to the National Commission on the Securities Market (CNMV) in the decision that received “unanimous” support of the Banking Board of Directors, the Europa Press informed sources close to the organization.
All after the Council of Ministers last Tuesday, June 24, gave His “approval” on OPA Provided that both organizations (BBVA and Sabadell) support their legal autonomy and daily management separately for three years. After these three years, the executive director will return to evaluate the effectiveness of the established condition, having the opportunity to expand his duration for an additional period for another two years.
The government discussed for almost a month in connection with this operation after the Ministry of Economy was aimed at Carlos Corps raise the case to the Council of Ministers Having received a possible influence on common interest. In particular, they observed a potential impact on the guarantee of adequate maintenance of the goals of industry regulation, the protection of workers, territorial cohesion, assistance and technological development and social policy.
Previous Step National Commission on Markets and Competition (CNMC) also approved the operation with the conditions and after receiving non -use from European Central Bank (ECB) In addition, the government also adopted obligations adopted by CNMC BBVA to resolve the operation.
Now all the conditions adopted, such as employment regulation files associated with this process, cannot be fulfilled because both organizations will have to remain independent of BBVA, shows their readiness to continue the decision. “After this agreement is analyzed, BBVA decided Do not refuse a sentence And, therefore, he remains valid in accordance with the provisions of applicable rules, ”the BBVA statement ends.
“Together we will be a stronger essence”
Through the video, Bank President Carlos Torres also announced that he continues the operation and protects this, despite the condition imposed by the Council of Ministers, the Crea Project project “Huge value for shareholders of both organizations”Field
“The Union is a unique opportunity to build one of the most competitive and innovative banks in Europe. Together we will be a stronger essenceWith a large scale and the ability to increase 5000 million euros per year financing families and companies, which contributes to the economic growth of our country. In the coming weeks, Banco Sabadell shareholders will be able to join this magnificent project, ”he said.
However, in its statement, the bank recognizes that the condition imposed by the government “will delay the materialization of the alleged synergy”, in accordance with their calculations, about 850 million euros. In addition, he reports that he will update and publish all the relevant information after receiving the approval of the OPA CNMV brochure. “This approval will happen, as expected, in the coming weeks”add.
With this latest resolution, which will be added to 27, received since the BBVA announced the operation almost 14 months ago, the beginning of the adoption period is already approaching, so it is Sabadell shareholders that they sell their actions BBVA.
Possible TSB sale
In parallel, Sabadell studies the possible sale of his British subsidiary TSB. For now, Santander would make a mandatory offer of 2.3 billion pounds (According to Reuters, in accordance with the Reuters agency, about 2.6 billion euros), while it is not known whether the other interested party made, Barclays, made a mandatory proposal or not.
According to market sources for Europa Press, it will be on Tuesday when the Sabadell Board of Directors will meet to evaluate the offers or TSB offers. In addition, you must call Council for shareholders to approve possible saleField
