National Markets and Competition Commission (CNMC) Apart from Banco Sabadell, BBVA has rejected all requests to take part in the open study of the takeover bidAccording to knowledgeable sources. The justification shared with the applicants is that it is not enough to have a general interest in the operation, but a legitimate interest based on the analysis of the concentration in terms of competition defense is required.
The organization led by Cani Fernández also gave a no to, among others: Introduction of Treballlargest Catalan collaboration; with PimekThe largest SME association in society and Sabadell’s newly formed shareholders’ association describes the voices consulted in this environment. Beyond employers’ rejection, Rejection of different Chambers of Commerce surprises those affectedIts official duties include representing companies.
According to the information published this Thursday, the rejection will cover 79 organizations and associations that have introduced themselves, except Sabadell. Mail.
Although the organization analyzed all applications, it had already anticipated that the application would be restrictive. “It must be taken into account that it is not enough to have a general interest in the operation, but rather a legitimate interest that depends on the analysis of the concentration from the perspective of competition defense. Considering how sensitive the control procedures are, it should be noted that the CNMC always acts very strictly when granting interested party status to the companies concerned.” .” The Competition Authority announced it at that time.
In response to organizations The competition authority announced that they must demonstrate a real impact, not a potential impact, as a result of BBVA’s acquisition offer.. Some associations that are faced with a rejection decision are currently analyzing the possibilities of objecting to the decision with their legal advisors.
CNMC decided to investigate the operation further on November 12By opening the process to the submission of claims from third parties and eventually even the participation of the Government.
The analysis shows that third parties with a “legitimate interest” may eventually request participation, II. He moved on to what is called the stage; This has been interpreted as opening up space for competitors, regulators, customers, suppliers and both banks, among others. Additionally, the organization will require a mandatory report from autonomous communities where the concentration has a significant impact (the operation particularly affects Catalonia and Valencia).
Accordingly Mailit is unusual for these processes to receive almost 80 requests to participate, and since so much information was shared, with sensitive information from both banks, the organization would decide to only accept the request from Sabadell due to the sensitivity of the process.
Some observers see the CNMC’s decision as a delaying tactic. temporary some of its members. The organization has to renew half of its council (it has to appoint 5 representatives), including the person who will take the reins of the presidency in place of Cani Fernández.
