He BBVA He has appealed before the Supreme Court the veto imposed by the Government to its merger With Banco Sabadell for a minimum term of three years, expandable to five. The Executive added this condition, among others, to the requirements previously set by the National Commission of Markets and Competition (CNMC) in the event that its OPA was ahead of the Catalan entity.
Sources from the entity led by Carlos Torres and Onur Genç explain to Economic information what This movement “does not interfere in the OPA”pending the fact that the market regulator, the National Securities Market Commission (CNMV), approves its brochure, the document in which all the details of the operation are detailed and the new demands of the Executive are incorporated.
The appeal was presented on July 15, two days before the European Commission opened a procedure for violation of Spain on the operation, as has advanced Investing. BBVA communicated earlier this week his intention to move forward with the hostile offer, after Sabadell’s shareholders approved the sale of its British subsidiary TSB to Santander and the historical dividend of 2.5 billion of euros in two joints of extraordinary shareholders held on Wednesday, August 6.
The sources of the Ministry of Economy, Commerce and Business consulted by this newspaper make it clear that The Government “has acted at all times in line with national regulations”as reported by the reports of the State Advocacy and “with respect to the participation of all the institutions involved and their powers.” They also add that this regulation has been in force since 2007 and has been applied on numerous occasions since then. “In any case, we respect the decision of the BBVA,” Zanjan.
Actually, in the bank they had already advanced that they did not rule out the judicial route before the government’s decision. He was responsible in Spain, Peio Belausteguigoitia, who pointed out that The bank’s duty is to study “all alternatives and possibilities” having a “fiduciary duty” with the interests of its shareholders.
Along the same lines, Carlos Torres himself had previously warned that, according to the interpretation made by the Bank of the Competition Defense Law, the Executive could “maintain or soften” the commitments agreed between the bank and the CNMC, but never harden them.
Next movements in the OPA
At the moment, the OPA continues its course. Five days after the brochure is made public, at the beginning of September, BBVA will communicate to the Sabadell shareholders what will be the acceptance period that, at least it will last for 30 days, but that by law could even reach 70 days. Although at the moment it rules out to do so, the entity could improve its offer for the Vallesana firm up to five working days before the end of that period. Thus, the final result may not be known until October or November.