Alphavalue/ Divacons | The financial institution intends to reduce the number of members of the Banco Sabadell board in the event that the takeover bid is completed with a favourable outcome for BBVA and until the merger is carried out. In the prospectus submitted by the organisation to the US Securities and Exchange Commission (SEC), BBVA explains that as long as Sabadell remains a listed company under the control of BBVA, its objective is to adjust the size of Sabadell’s board of directors to an appropriate number, according to the circumstances following the takeover bid.
On the other hand, also in reference to the process, the Government believes that it cannot get involved in competition issues, but it could adjust the ‘remedies’ set by the National Commission on Markets and Competition (CNMC) in the takeover bid of BBVA on Banco Sabadell and even delay the process. When the Competition Department of the CNMC finalises its work, it will propose a specific course of action to the Competition Board, which will have to approve the ruling and may influence it.
