Body believes BBVA’s takeover bid for Sabadell could be extended until the first quarter of 2025.
The Minister of Economy, Carlos Bodi, assured this Friday that if the National Commission of Markets and Competition (CNMC) moves to the so-called phase 2, during which the national regulator will carry out a more in-depth analysis of its activities, Takeover of BBVA Banco Sabadell may last “for several more months, already in the first quarter of 2025.”
In statements to TV3, the minister assured that in the absence of a decision by the CNMC on BBVA’s takeover bid for Sabadell, his the opinion regarding this operation has not changed, and it still has “great concern about the impact on competition” this operation will take place.
Asked about BBVA’s thesis that it would eventually convince the government of the merits of a takeover bid, the minister said he did not have “any new piece of information compared to what we had before the summer.”
“My view is exactly the same: I am very concerned about the impact on competition and possible worsening of the situation for consumersand also in terms of financial inclusion; for territorial cohesion, to finance SMEs or to maintain employment. Until the analysis comes from CNMC, we will not have new information,” the minister said.
It should be remembered that the Corps had already rejected the operation “in substance and form” last May and noted that the government had “the final say” on the matter.
Government position
When asked about the government’s power to authorize a merger, he said the decision was within his reach, and while “not wanting to speculate,” he said that If the two organizations are not merged, “in principle they will continue to operate as two separate organizations.”but in the case of Sabadell with a different owner, and in this case there will be no influence in terms of concentration or competition.
On the other hand, the Corps assured that Next week he will send a fiscal adjustment course to Brussels. and that there is “additional flexibility” for presenting the annual budget plan to European authorities.
Regarding the country’s economic development, he said Spain is growing “strongly and in a balanced way” and that the government expects private consumption and investment to be the two vectors of growth.