Overview

• The CNMC meeting scheduled to decide on BBVA's takeover bid for Banc Sabadell was suspended due to a widespread power outage across Spain.
• The regulatory body has until May 5 to issue its decision, after which the Economy Minister will have 15 working days to decide whether to escalate the case to the Council of Ministers.
• The Spanish Government has expressed concerns over the merger's impact on competition, SME financing, and regional cohesion, particularly in Catalonia.
• BBVA has submitted multiple proposals to address competition concerns, but business groups remain skeptical about their effectiveness in maintaining SME credit levels.
• The blackout raises doubts about whether the resolution process could now extend into August, further prolonging uncertainty around the takeover bid.