On May 5, 2025, during the annual meeting of the Cercle d'Economia, Spanish Prime Minister Pedro Sánchez announced that the government will launch a public consultation aimed at gathering opinions from business associations and citizens regarding the proposed merger between BBVA and Banco Sabadell, which he described as a 'hostile' takeover bid.

This announcement took place in an auditorium attended by prominent figures, including BBVA President Carlos Torres and Banco Sabadell President Josep Oliu.

The initiative is viewed as a measure to potentially halt the merger, amid widespread opposition expressed by various business associations and labor unions, who argue that the consolidation would negatively affect competition.

The merger recently received conditional approval from the Comisión Nacional de Mercados y de la Competencia (CNMC), which identified potential risks but mandated commitments to alleviate these concerns.

Sánchez indicated that while he is not legally obligated to intervene, he intends to address the Council of Ministers following the public consultation, which he anticipates will lean against the merger.

He emphasized that seeking public sentiment in this manner is unprecedented in Spain.

The Prime Minister's remarks came against a backdrop of significant criticism of the merger, particularly in Catalonia.

During his speech, Sánchez also urged business organizations, specifically CEOE and Catalan Foment, to support a proposed law aimed at reducing the working day, asserting it to be a social demand that would benefit companies by enhancing employee productivity.

Despite the lack of assurance regarding parliamentary support for this legislation, the Prime Minister reaffirmed his commitment to pursue it, similar to previous efforts to tax energy companies that faced resistance from the political party Junts.

In attendance were notable business leaders such as Josep Sanchez Llibre from Foment, Antoni Caete from Pimec, and various heads of government-controlled firms, including Telefónica and AENA.

Notably, Sánchez greeted Joseph Oughourlian, the President of PRISA, despite existing tensions.

Following Sánchez’s announcement, BBVA’s Carlos Torres reiterated his respect for the CNMC's decision in favor of the merger, suggesting that governmental intervention might not be necessary.

He characterized the merger as a 'growth project' designed to create a stronger banking entity equipped for future challenges, stressing its importance at a time when 'Europe needs to awaken' to enhance its competitiveness.

Torres further noted that the CNMC's commitments would not only preserve competition but also promote social inclusion, territorial cohesion, and credit accessibility for SMEs and self-employed individuals, particularly in Catalonia.

According to the CNMC, Sánchez's ability to intervene is constrained to broader public interest concerns that are distinct from competition defense, which has already been satisfactorily addressed through the agreed commitments with BBVA.