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MADRID - Banco Bilbao (NYSE:BBVA) Vizcaya Argentaria S.A. (BBVA (BME:BBVA)) has announced that its voluntary tender offer for the entire share capital of Banco de Sabadell, S.A. is now pending approval by the Spanish Council of Ministers. This follows the referral by the Spanish Minister of Economy, Trade and Business of the National Commission on Markets and Competition (CNMC)’s approval of the economic concentration that would result from the acquisition.
BBVA, a major player in the Spanish banking sector, had initially communicated the offer as inside information on May 9, 2024, and formally submitted a request for authorization to the Spanish Securities Market Commission (CNMV) on May 24, 2024. The latest development in this acquisition process is a crucial step towards the potential consolidation in the Spanish banking industry.
The Council of Ministers has a one-month period to make a decision in accordance with the Competition Defense Law, as stated in Article 36. The outcome of this decision will be significant for BBVA’s efforts to expand its market presence by acquiring Banco Sabadell.
Investors and market observers are closely monitoring the situation, as the merger of these two banks would have implications for the competitive landscape of the Spanish banking industry. The potential consolidation is part of a broader trend in the European banking sector, where institutions are seeking to bolster their positions through strategic mergers and acquisitions.
The information regarding this announcement is based on a press release statement and is provided by RNS, the news service of the London Stock Exchange (LON:LSEG), which is authorized by the Financial Conduct Authority in the United Kingdom (TADAWUL:4280).
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