Norbolsa | The National Securities Market Commission (CNMV) admitted BBVA’s (BBVA) bid for Banco Sabadell (SAB) for processing on Tuesday. The takeover bid launched by the group was presented on 24 May. The regulator clarifies that it is only conditional on the ECB, which could lead it to make a decision before having the conditions of the National Markets and Competition Commission (CNMC). In this respect, the competition authorisation seems to be the toughest in this process, as the ECB’s authorisation will only rule on the solvency of the resulting entity. In accordance with the regulations, the CNMV now has 20 days to issue its opinion (which can be extended as many times as the CNMV wishes), after which a period of between 15 and 70 days will be opened in which Sabadell’s shareholders must decide whether to accept the takeover bid or not.
BBVA’s Sabadell takeover bid admitted for processing: CNMC authorisation could be toughest stage
