The long-awaited decision on BBVA's public takeover offer (OPA) for Banco Sabadell is imminent, with the National Commission of Markets and Competition (CNMC) expected to approve the transaction next Monday. The approval, anticipated to come with mild conditions, marks a significant milestone in a process that has stretched over nearly a year. BBVA has been preparing for the integration of Sabadell, assembling a dedicated team and enlisting Deloitte as an advisor, signaling its commitment to the merger despite the prolonged regulatory scrutiny.
The CNMC's decision follows a thorough market test to assess the competitive implications of the merger, particularly concerning credit availability for SMEs. BBVA has proposed several commitments to mitigate potential competition issues, including maintaining credit lines to SMEs for up to five years. These commitments, recently improved, are seen as crucial for securing regulatory approval and ensuring the merger does not adversely affect market competition.
The takeover bid, initiated by BBVA after a failed merger proposal last year, has been characterized by its hostile nature, with Sabadell resisting the offer. The process has been slower than usual, attributed by CNMC's president, Cani Fernández, to the complexities of evaluating a non-agreed takeover. Despite these challenges, BBVA has remained steadfast, arguing that the merger is a growth transaction that will enhance the combined entity's lending capacity by €5 billion.
As the regulatory hurdle appears close to being cleared, attention now turns to the Spanish government's role in endorsing or modifying the CNMC's conditions and, ultimately, to Sabadell's shareholders, who will have the final say on the offer. With the resolution expected to extend beyond the summer, both banks are already planning for the post-OPA scenario, albeit with differing strategies. The outcome of this protracted process will have significant implications for Spain's banking sector, potentially reshaping its competitive landscape.
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