Banco Sabadell accuses BBVA before CNMV of “violating” takeover law

Banco Sabadell therefore rejects the takeover offer presented by BBVA. The Catalan enterprise did not evaluate the offer presented on the market by the Basques, but Yes, he is using legal loopholes to attack the operation.

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The takeover provisions state that, from the time of the announcement, the offeror “refrains from disseminating or publishing by any means any data or information that was not included in the prior announcement of the offer.” In this case, Sabadell accuses BBVA of providing more information to analysts and the media than was published in the takeover announcement..

The text submitted to the market watchdog states that “BBVA published documentation not included in the announcement and that the information provided at the meeting violates Article 32.1 of Royal Decree 1066/2007 of 27 July on public acquisition offers.” securities and, in general, They enter incomplete data that can affect the market.

” This circumstance was transferred to the National Securities Market Commission “to ensure that the market has complete and transparent information and guarantees an orderly and correct process,” the document adds.

Financial sources explain to ABC that some of the comments from BBVA management were passed on to analysts. they don’t comply with the law. In particular, the meeting, held via videoconference, provided details on the takeover offer, price, contacts with certain Sabadell shareholders, communication with regulators or next steps.

After this complaint CNMV will have to analyze the request received, review BBVA documentation and timelines. in which he presented it. After the analysis, you will have to decide whether you are requesting additional documentation from the Basque bank, whether it is breaking the rules, and, in this case, examine what sanctions it will impose on the reported bank.