The European Commission has concluded without objections the review of the public offer for the acquisition of shares, the Hostile Takeover Offer launched by BBVA for Banco Sabadell, thus exceeding another of the prerequisites for the controversial operation.
In this way, Brussels has given the ‘green light’ to BBVA’s takeover bid (OPA) for Banco Sabadell, and its eventual merger, and it does so in the context of the new foreign investment framework created by the European Union against risk. that investments from third countries could create distortions in the internal market and undermine fair competition within the European economic area.
This operation was notified to Brussels on October 21 and the deadline was extended until November 26.. Community services had to determine whether it was necessary to initiate an “in-depth investigation” or the merger could go ahead without further examination by the Community Executive. Finally, Brussels has opted for the second option, as financial sources have informed Europa Press.
That is, the Brussels Competition services They have decided not to investigate the operation under this new foreign investment framework. This was not a usual concentration authorization, since it is being studied at the national level from that perspective.
Since 2023, the European Union has had this regulation on foreign subsidies (FSR) by which Companies must submit detailed information to the European Commission on foreign subsidies received in the three years prior to the entry into force of the new common framework.
Specifically, the regulation establishes that Brussels must be notified of those operations in which any of the companies is established in the EU and generates at least 500 million euros of business volume in the community market and if the companies have obtained combined financial contributions exceeding €50 million from third countries in the three previous years.
In the announcement of the takeover bid for Sabadell sent to the National Securities Market Commission (CNMV), BBVA already indicated that it would submit a notification to the European Commission to examine the risk of investments from third countries, but it clarified that the effectiveness of the operation is not subject to the condition of obtaining this authorization.
This approval It occurs just two weeks after the National Markets and Competition Commission (CNMC) decided to extend its analysis of the takeover bid. and take it to phase 2 to carry out an in-depth analysis.