Spanish Government Initiates Public Consultation on BBVA's Hostile Takeover of Banco Sabadell
Prime Minister Pedro Sánchez announces a public consultation to gauge public opinion on the controversial merger.
Barcelona, 5 May 2025 – During the inaugural address at the Annual Meeting of the Cercle d'Economia, Prime Minister Pedro Sánchez declared the commencement of a public consultation regarding the proposed hostile takeover of Banco Sabadell by BBVA.
The announcement marked a significant development in the corporate landscape, particularly given that such consultations are not mandated by law when it comes to banking mergers or acquisitions.
Historically, similar takeover attempts have not involved direct public engagement or feedback from consumers.
The respective leaders of BBVA and Banco Sabadell, Carlos Torres and Josep Oliu, were present in the audience when Sánchez revealed this new initiative.
The move appears to cater to business associations and labor unions that have been vocal about wanting a say in the approval process, particularly in light of the broader implications a merger holds for consumers and the banking industry at large.
The consultation aims to solicit feedback from the public, including citizens and associations, on the potential impacts of the takeover and subsequent merger.
The initiative follows the prior review by the Comisión Nacional de los Mercados y de la Competencia (CNMC), which validated the takeover but imposed certain commitments aimed at protecting competitive practices within the market.
Following the CNMC's validation, it is now up to the government to either approve the takeover with the existing conditions or introduce new commitments prioritizing the public interest.
The Prime Minister noted the objective of the government is to foster growth among Spanish companies while ensuring that such measures align with the common good.
Given that various business associations have uniformly opposed the takeover since its inception over a year ago, expectations are that the feedback from the public consultation may echo these sentiments.
Sánchez's announcement also touched upon a recent power outage that affected the Iberian Peninsula, vowing that the government would pursue a thorough investigation to determine the causes behind the electricity blackout.
The proactive stance on both issues illustrates the government’s responsiveness to public concerns and the complexities involved in significant financial transactions.
The announcement marked a significant development in the corporate landscape, particularly given that such consultations are not mandated by law when it comes to banking mergers or acquisitions.
Historically, similar takeover attempts have not involved direct public engagement or feedback from consumers.
The respective leaders of BBVA and Banco Sabadell, Carlos Torres and Josep Oliu, were present in the audience when Sánchez revealed this new initiative.
The move appears to cater to business associations and labor unions that have been vocal about wanting a say in the approval process, particularly in light of the broader implications a merger holds for consumers and the banking industry at large.
The consultation aims to solicit feedback from the public, including citizens and associations, on the potential impacts of the takeover and subsequent merger.
The initiative follows the prior review by the Comisión Nacional de los Mercados y de la Competencia (CNMC), which validated the takeover but imposed certain commitments aimed at protecting competitive practices within the market.
Following the CNMC's validation, it is now up to the government to either approve the takeover with the existing conditions or introduce new commitments prioritizing the public interest.
The Prime Minister noted the objective of the government is to foster growth among Spanish companies while ensuring that such measures align with the common good.
Given that various business associations have uniformly opposed the takeover since its inception over a year ago, expectations are that the feedback from the public consultation may echo these sentiments.
Sánchez's announcement also touched upon a recent power outage that affected the Iberian Peninsula, vowing that the government would pursue a thorough investigation to determine the causes behind the electricity blackout.
The proactive stance on both issues illustrates the government’s responsiveness to public concerns and the complexities involved in significant financial transactions.
Translation:
Translated by AI
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