BBVA would not be worried about Sabadell's complaint affecting the takeover bid, according to the market

MADRID, 13 May. (EUROPA PRESS) –

BBVA would not be concerned that Sabadell’s complaint to the National Securities Market Commission (CNMV) will affect the hostile Public Acquisition Offer (OPA) that it launched last week on the Catalan entity, according to sources. from the market to Europa Press.

Since Friday, the entity chaired by Carlos Torres has been analyzing the communication that Banco Sabadell sent on Thursday night to the CNMV and in which it stated that the documentation that BBVA had sent to the analysts, which was not incorporated in the announcement of the takeover bid, and the information that had been given at the meeting violated article 32 of the regulations that regulate these operations and that “in general, they introduce incomplete data that can affect the market.”

Legal sources told Europa Press that this “complaint” by Sabadell would have been made in response to the fact that BBVA stated before analysts and the media that it already has interest on the part of shareholders, some of which are “relevant”, in seeing the operation materialize. that he had presented about Sabadell.

The same sources stated that this constitutes information that should be in the announcement of the offer to the CNMV and that may condition the market in relation to the hostile takeover which, in any case, will not be carried out for a period of between six or eight months, once the bank obtains the necessary authorizations.

What Sabadell would be seeking with this measure is not so much to paralyze the takeover bid as for BBVA to provide information on which are the relevant shareholders with the aim of providing the market with “complete and transparent” information.

In this way, market sources have assured Europa Press that BBVA is analyzing the complaint that Sabadell made to the CNMV, although the entity would not be concerned that this complaint will affect the process and that, therefore, the hostile takeover would continue. forward.

The next step in this process will be the presentation of the request for authorization of the OPA to the CNMV in the next two weeks, together with an explanatory project and other complementary documents.