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5mo ago

BBVA-Sabadell Merger Faces Intensified Pushback from Stakeholders

As the Spanish government evaluates public feedback, Sabadell and regional groups demand stricter conditions and a higher offer from BBVA.

Josep Oliu.
Jaume Guardiola, presidente del Cercle d'Economia, durante las recientes jornadas de la entidad.
Jaume Guardiola y Miquel nadal, en una rueda de prensa de 2023

Overview

  • The Cercle d'Economia has formally rejected the BBVA-Sabadell merger, citing concerns over territorial balance and economic centralization in Madrid.
  • Sabadell's president, Josep Oliu, stated that institutional shareholders expect BBVA to improve its offer, warning the bid may fail without adjustments.
  • BBVA's president, Carlos Torres, urged Economy Minister Carlos Cuerpo not to escalate the matter to the Council of Ministers, asserting the merger aligns with public interest.
  • Stakeholders demand Sabadell maintain independent governance and its legal identity to safeguard regional decision-making and competition.
  • The Spanish government has until May 27 to decide whether to impose additional conditions or refer the merger to the Council of Ministers for further review.