Link Securities | According to the newspaper Expansión, the Spanish stock market regulator, the National Securities Market Commission (CNMV), will announce the outcome of BBVA’s takeover bid for Banco Sabadell on 17 October.
The CNMV has announced the indicative timetable for making public the outcome the outcome of BBVA’s takeover bid for Sabadell, whose acceptance period ends this Friday.
The supervisor has also issued a warning ‘in view of the contradictory information’ being provided by both banks regarding the ‘upcoming milestones relating to the bid’. In this regard, the CNMV said that it will exercise its supervisory and sanctioning powers, if necessary, in compliance with applicable regulations, independently and with the primary objective of protecting investors and shareholders. In addition, the CNMV warned that considerations regarding the fair price of a possible second takeover bid are ‘mere speculation’ until the criteria are set.
In this regard, Expansión newspaper highlights in today’s edition that, in a harsh statement, the CNMV warned the market yesterday that the contradictory information being disseminated by the two banks on the price of a possible second takeover bid by BBVA for Sabadell is mere speculation. The CNMV is threatening to sanction both banks, if necessary, to protect shareholders and investors.
