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4mo ago

BBVA's Hostile Takeover of Banco Sabadell Faces Intensifying Political and Stakeholder Opposition

The Economy Ministry has 15 days to decide on escalating the CNMC-approved bid to the Council of Ministers, as critics raise concerns over competition, SME financing, and territorial cohesion.

Belén López (CCOO) y Camil Ros (UGT) en la manifestación del 1 de mayo en Barcelona.
El ministro de Economía, Comercio y Empresa, Carlos Cuerpo, durante una rueda de prensa posterior al Consejo de Ministros, en el Palacio de La Moncloa, a 30 de abril de 2025, en Madrid (España). Durante su comparecencia, los ministros han defendido la ges
El líder del PP de Catalunya, Alejandro Fernández, y los diputados populares en el Parlament.

Overview

  • The CNMC approved BBVA’s takeover bid for Banco Sabadell with commitments to address competition concerns, marking the end of its regulatory review process.
  • The Economy Ministry now has until mid-May to determine whether to escalate the case to the Council of Ministers, which could impose additional conditions or veto the deal.
  • Vice-President Yolanda Díaz, unions, and Catalan organizations have strongly criticized the approval, citing risks to jobs, SME credit access, and regional banking equity.
  • Banco Sabadell has criticized the CNMC’s methodology and highlighted a negative 7% premium in BBVA’s offer, raising doubts about shareholder acceptance.
  • The takeover requires approval from over 50% of Sabadell’s shareholders, with major funds holding 40% and the remainder reliant on a retail base with strong regional ties.