BBVA seeks permission to launch takeover bid for Sabadell

BBVA seeks permission to launch takeover bid for SabadellHumberto Bilbao

BBVA has already sent a request for permission of the National Commission for Markets and Competition (CNMC) for lrun the operation you suggested Sabadell Bank, According to market sources. The organization was due to complete this step last Friday, a week after submitting a request for permission to carry out a takeover bid to the National Securities Market Commission (CNMV).

BBVA would send out a separate brochure to each supervisory authority, as the Competition would verify the level of banking concentration existing in the company as a result of the takeover bid and merger, while the CNMV would be responsible for verifying the information that BBVA provided to the market in order to implement the takeover bid. questionTo submit a takeover bid for Sabadell, BBVA needs two prior approvals: from the European Central Bank and from the CNMV. Likewise, the effectiveness of the takeover bid will depend on at least 50.01% of Sabadell shareholders participating in the approval by the BBVA board of a capital increase to carry out the share exchange (the board has already convened on July 5) with the approval of the CNMC and the UK Prudential Regulation Authority. This means that BBVA does not need the prior approval of the CNMC to launch a takeover bid, but rather to achieve its effectiveness, which opens up a scenario in which the bank could launch an operation without knowing whether or what the Competitor is setting the terms and conditions for the operation. would. .

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