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Financial Regulator to Monitor CNMC’s Ruling on BBVA-Sabadell Acquisition

By  |  September 17, 2024

Spanish National Securities Market Commission (CNMV) Chairman Rodrigo Buenaventura announced on Tuesday that the CNMV will closely observe the National Markets and Competition Commission’s (CNMC) upcoming decision regarding BBVA’s proposed takeover of Banco Sabadell. Buenaventura indicated that the CNMV’s subsequent approval will be contingent upon whether the CNMC categorizes the bid as requiring phase one or advancing to phase two.

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    Read more: BBVA Initiates Aggressive Takeover Bid for Sabadell

    According to Baha News, Buenaventura explained that the CNMV will assess the appropriate timing for their authorization based on the CNMC’s ruling. “What we will do is observe the decision taken by the competition authority [CNMC] regarding whether it will be phase 1 or phase 2, and based on that, we will evaluate the best time for our authorization,” Buenaventura remarked.

    Per Baha News, national regulations stipulate that phase one of the CNMC review process can last up to a month. During this initial phase, the CNMC will determine whether the proposed takeover should proceed as planned or if it requires more detailed scrutiny, which would lead to phase two of the review.

    Source: Baha News