BBVA offers his help to Government for fear of a possible veto on his part public takeover bid (OPA) on the Sabadell Bankas advanced OKDIARIO. This is what he acknowledged. Onur GençCEO of the Bilbao entity, who assured that he was willing to work with the Executive. This newspaper had already announced that the president of the bank, Carlos Torresmaintains discreet contacts with the government to try to soften its position on the operation.
“Torres is making a move with the government. And he told them that this way they would have two allies Cataloniainstead of having only The Box as before,” some sources assured OKDIARIO.
Today, BBVA’s CEO publicly admitted these approaches during his speech at a conference organized by Bank of America: “We are very open to working with the government to calm their potential concerns. “We have done this many times in the past on various issues.”
“If we can identify these key areas of concern, we are ready to calm them down” said Genç, confirming the information reported by this newspaper.
BBVA offers its help to the Government
The rejection of the Spanish government, expressed through the Minister of Economy, Carlos’s bodytowards the possible acquisition of Sabadell by BBVA has been a firm position from the beginning. Despite BBVA’s hope that in time the government may recognize the benefits of the operation, there has been no change in position official.
BBVA, in its latest update of the acquisition prospectus registered with the United States Securities and Exchange Commission (SEC), has alerted American investors about the Minister Corps’ resistance to the merger.
This situation reflects a tension between BBVA’s growth ambitions and the Government’s concerns, which could be motivated by considerations of skillfinancial stability or public policies.
BBVA stresses, however, that no merger has been paralyzed after a takeover bid. “BBVA is not aware of any precedent of a Spanish operation in which the merger after take control of an entity “The credit was not authorized by the Ministry of Economy,” the bank said in the prospectus. USAThis is why he considers his veto as a “very remote” possibility.
During his speech this Wednesday, the CEO of BBVA recalled that the public purchase offer was still on the table National Securities Market Commission (CNMC) and that the base scenario that the bank is managing is that it is approved in the first phase.
“Our clear conviction is that there are no competition issues,” Genç said, referring to the fact that the merger between CaixaBank and Bankia created a larger bank and that the regulator did not find competition issues sufficient to block it. “(The takeover bid) should be approved in phase 1,” he added.
