THE National Markets and Competition Commission –CNMC– take the public tender offer hostile BBVA about Sabadell has phase II as OKDIARIO announced so that he could decide, as soon as possible, in March on the viability of the operation. Furthermore, it will no longer be limited to deciding on the conditions proposed by BBVAbut he may demand new changes, if he considers that the operation can take place but under conditions which will be more demanding.
The concentration control analysis consists of two phases. In a first phase, which lasts “one month maximum”, the operation and advice of the CNMC decides whether the operation must be archived, whether it can be authorized or, on the contrary, requires a more in-depth analysis on the part of the competition problems that this can generate, which gives rise to this second phase of the procedure, where the participation of interested third parties is envisaged and which could end up being elevated to the rank Council of Ministers.
This is the current situation. Skill sends the entire operation to study because it is concerned about the “concentration” that the absorption of Sabadell could cause for the sector, and the danger that this could cause, in terms of supply, for the users, SMEs And customersbank in Spain.
Although both European Central Bank like him Bank of Spain They advocate mergers to create “great European champions”. The reality is that this vision occurs across borders, but not so much within the countries themselves, where the reduction in competition is evident.
In this sense, since Executivethe minister of Economy, Carlos’ bodyhas already expressed a position of reluctance in the face of the hostile takeover bid launched by BBVA.
The decision of CNMCIn any case, this was what both Banco Sabadell and the entity that manages expected Carlos Torresgiven the complexity of the operation. Furthermore, although in principle the proper BBVA He wanted to make a quick move, all factors ended up working against him.
The defense of Sabadell in front of its own shareholders, the valuation by Joseph Oliuthe positioning of Government and even the victory of Donald Trump in the elections of USAthey ended up playing against BBVA and the times he succeeded. The fact that the Republican candidate is the next president of the United States punishes entities in MexicoOr Carlos Torres and your people take care of most of your business.
The March decision
In this sense, the proper CNMC will deliver its verdict in this famous Phase IIin which he will discuss public tender offer of BBVA about Sabadell from the customer’s point of view in Spain, among others. And although it would be strange if the verdict was negative, it would not be strange either if the claims erased the profitability of the operation.
THE Commissionaccording to various sources of this newspaper, will ask a high price for BBVA. This will force most businesses to be sold. Sabadell in the east of the country, and will likely include other conditions. Something that shareholders will examine closely when they accept or not the operation.
THE National Securities Market Commission –CNMV-, even if he has already repeated several times that he would wait for the decision of the Competition before rendering a verdict. In this way, shareholders are also not forced to make a blind decision, that is, without knowing the company’s requirements. CNMC.
