Spain’s CNMC to begin second phase of BBVA, Sabadell merger analysis

The Spanish National Markets and Competition Commission announced that it will begin the second phase of the merger analysis for the acquisition of exclusive control of Banco de Sabadell by BBVA (BBVA), through a hostile public takeover offer, which was announced on May 9. The opening of the second phase does not prejudge the definitive conclusions that the CNMC can reach in relation to the concentration, CNMC said, adding that in view of the circumstances of the operation and its potential impact on the maintenance of effective competition, the Competition Chamber has decided to deepen the analysis of the file in the second phase of the proceedings. The Bank of Sabadell and other third parties with legitimate interest may submit arguments. The notifier may also make allegations and provide further information. The final decision adopted by the CNMC may authorize, accept compromises, impose conditions or prohibit the deal.