CNMV analyzes Sabadell’s accusation against BBVA for violating takeover law

The National Securities Market Commission (CNMV) will analyze the complaint filed last night by Banco Sabadell regarding the information that BBVA provided this Thursday about its takeover bid, sources at the stock market supervisory authority confirmed to EXPANSIÓN today.

Yesterday evening, Sabadell sent a message to the CNMV stating that the transaction documentation provided by BBVA and the information offered at the meeting with analysts violated takeover bid legislation and “introduced incomplete data that may affect the market“.

In its report, Sabadell recalls that after announcing its intention to formulate a takeover bid, BBVA published a presentation in English about the transaction and a press release, and also convened analysts and investors for a presentation during which it “turned out asking questions.”

According to Sabadell, “the above documentation not included in the announcement, as well as information provided at the meeting violates Article 32.1 of Royal Decree 1066/2007.July 27 on the regime of public offers for the acquisition of securities and generally introduces incomplete data that may affect the market.”

The bank explained that it reported this circumstance to the CNMV “in order for the market to be complete and transparent information and an orderly and correct process is guaranteed.

Article 32.1 of the Royal Decree on Takeover Bids provides that from the time the offer is announced until its presentation, the offeror, members of its administrative and management bodies, its controlling shareholders, its advisers and other persons involved in the transaction “they will refrain from disseminating or publishing by any means any data or information that is not specified in the pre-offer announcement”.