The government has brought its decision on the OPA launched by the BBVA on Sabadell. Before knowing the details of the Executive’s opinion, the market regulator – the National Securities Market Commission (CNMV) – has decided to suspend the price of the BBVA and Sabadell on the stock market. The regulator indicates in a statement that negotiation is suspended “while relevant information is disseminated” about the entities. At the time of the suspension, the BBVA shares rose 3% and those of Sabadell advanced around 1.5%.
The president of the stock market supervisor, of the two banks until the decision is made public.
From 13 hours it is expected that Minister of Economy, Carlos Body, appear in the press conference after the Council of Ministers to account for the decision. The government will impose harder conditions than those that marked in its day, especially with regard to offices and SMEs. , he pointed out on Monday in Santander that the entity always has the legal possibility of withdrawing the OPA if the conditions imposed are excessive.
The Executive’s analysis occurs as a result of the approval of the operation by the National Commission of Markets and Competition (CNMC) in phase 2 and with the commitments presented by the BBVA. This situation implied that the OPA was in the hands of the Minister of Economy, Carlos Body, during a period of 15 working days to decide whether it approved it or, on the contrary, elevated it to the Council of Ministers, as has effectively occurred.
After a first analysis and, Economy decided on May 27 to raise it to the Council of Ministers for its deliberation and that the government together make its decision on the OPA.
Once the decision of the Council of Ministers is known, the BBVA must inform the CNMV and give an account of the new calculations on the offer with the new conditions. If the entity decides to move forward with the OPA, it passes to the CNMV, which must approve the brochure of the operation. San Basilio advanced on Monday that has very advanced work “in the absence of some fringes” and will try to “go as quickly as possible.” As commented by the president of the stock market supervisor, the authorization could arrive in three weeks.
