Link Securities | According to financial sources close to the process, the European Commission (EC) gave its approval to BBVA’s takeover bid for Banco Sabadell (SAB) after verifying that BBVA will not benefit from aid from third countries to take over Sabadell, according to the newspaper Expansión.
On 21 October, the European Commission (EC) Directorate-General for Competition opened proceedings against BBVA to explore the existence of potential subsidies from foreign countries that could distort the continental market. The regulations stipulate that authorisation may be granted by means of a non-objection or through administrative silence, if BBVA has not received any response from the authorities by the end of the deadline (yesterday, 26 November).
On the other hand, this Wednesday Expansión publishes that Europacific Growth Fund has acquired a 3.01% stake in BBVA valued at market prices at €1.551 billion. The package, made up entirely of shares, makes the fund, which belongs to Capital Research and Management Company, one of the largest shareholders of the Spanish bank.
