Spanish Government Launches Public Consultation on BBVA-Sabadell Takeover Bid
Pedro Sánchez initiates unprecedented public inquiry regarding BBVA's hostile takeover of Banc Sabadell, inviting input from various stakeholders.
In an unexpected turn of events, Spanish Prime Minister Pedro Sánchez announced the initiation of a public consultation regarding BBVA's hostile takeover bid for Banc Sabadell during the annual meeting of the Cercle d’Economia in Barcelona on May 6, 2025. This announcement came as a surprise to both Carlos Torres, the President of BBVA, and Josep Oliu, the President of Banc Sabadell, who were present at the event and indicated they had not received prior notification of the government's decision.
Sánchez stated that the government would open a public inquiry, allowing the executive branch to gather perspectives from organizations, citizens, and associations to make a well-informed decision about whether to escalate the takeover bid to the Council of Ministers, which could then evaluate it from a public interest standpoint.
The government has a 15-day period to analyze the bid following a favorable report from the National Commission on Markets and Competition (CNMC).
The Ministry of Economy is set to publish a series of questions on its official website concerning BBVA's bid, enabling citizens, bank customers, and industry associations to share their opinions and comments on the potential impact of the deal.
This consultation aims to document the widespread opposition to the bid expressed by various political parties, employer associations, labor unions, and minority shareholders, some of whom have criticized the CNMC for not allowing them to submit formal objections.
Notably, both UGT and Foment have filed a lawsuit regarding this issue with the National Court, which is currently under review.
The Ministry emphasized that the consultation will focus on aspects that may affect public interest, aiming to provide additional information for decision-making.
The contributions collected will be kept confidential and are non-binding, although they are expected to be valuable in shaping the government's stance on the takeover.
The consultation period is not yet defined, although some sources suggest it could extend until the following Monday.
The annual gathering at the Palau de Congressos de Catalunya was attended by business leaders, academics, and officials, including Governor Salvador Illa, Minister of Industry Jordi Hereu, and Barcelona’s Mayor Jaume Collboni, who listened to Sánchez’s address.
In addition to discussing the public consultation, Sánchez called for parliamentary support to endorse the proposed response plan to the ongoing tariff crisis, set to be discussed in Congress.
Sánchez also addressed the controversial topic of reducing the working day, which is under consideration by the Council of Ministers.
He urged business organizations that have expressed opposition to remain open to this initiative, citing it as a social demand that could enhance productivity and workforce stability, ultimately benefiting businesses in Spain.
The Prime Minister reiterated the government’s commitment to clarifying the causes of a recent power outage that affected Spain and Portugal, emphasizing the need for thorough investigation while maintaining caution.
He expressed gratitude to citizens for their civic behavior and solidarity during the incident.
Furthermore, Sánchez announced the allocation of 53 million euros in funding to support the development of advanced technologies and semiconductors, which is part of the second call for the Chip PERTE initiative, expected to mobilize over 100 million in public-private investment, with 16 million earmarked for Catalonia.
Sánchez stated that the government would open a public inquiry, allowing the executive branch to gather perspectives from organizations, citizens, and associations to make a well-informed decision about whether to escalate the takeover bid to the Council of Ministers, which could then evaluate it from a public interest standpoint.
The government has a 15-day period to analyze the bid following a favorable report from the National Commission on Markets and Competition (CNMC).
The Ministry of Economy is set to publish a series of questions on its official website concerning BBVA's bid, enabling citizens, bank customers, and industry associations to share their opinions and comments on the potential impact of the deal.
This consultation aims to document the widespread opposition to the bid expressed by various political parties, employer associations, labor unions, and minority shareholders, some of whom have criticized the CNMC for not allowing them to submit formal objections.
Notably, both UGT and Foment have filed a lawsuit regarding this issue with the National Court, which is currently under review.
The Ministry emphasized that the consultation will focus on aspects that may affect public interest, aiming to provide additional information for decision-making.
The contributions collected will be kept confidential and are non-binding, although they are expected to be valuable in shaping the government's stance on the takeover.
The consultation period is not yet defined, although some sources suggest it could extend until the following Monday.
The annual gathering at the Palau de Congressos de Catalunya was attended by business leaders, academics, and officials, including Governor Salvador Illa, Minister of Industry Jordi Hereu, and Barcelona’s Mayor Jaume Collboni, who listened to Sánchez’s address.
In addition to discussing the public consultation, Sánchez called for parliamentary support to endorse the proposed response plan to the ongoing tariff crisis, set to be discussed in Congress.
Sánchez also addressed the controversial topic of reducing the working day, which is under consideration by the Council of Ministers.
He urged business organizations that have expressed opposition to remain open to this initiative, citing it as a social demand that could enhance productivity and workforce stability, ultimately benefiting businesses in Spain.
The Prime Minister reiterated the government’s commitment to clarifying the causes of a recent power outage that affected Spain and Portugal, emphasizing the need for thorough investigation while maintaining caution.
He expressed gratitude to citizens for their civic behavior and solidarity during the incident.
Furthermore, Sánchez announced the allocation of 53 million euros in funding to support the development of advanced technologies and semiconductors, which is part of the second call for the Chip PERTE initiative, expected to mobilize over 100 million in public-private investment, with 16 million earmarked for Catalonia.
Translation:
Translated by AI
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