Sabadell Bank has decided to counterattack BBVA for its hostile takeover and has reported the entity to the National Market Commission of Securities (CNMV) for failing to comply with the current takeover law in a document sent this Thursday night to the regulator.
The Catalan bank accuses BBVA of violating current legislation because it introduces “incomplete data” that could affect the market and to the information available to investors, which is why it has informed the CNMV “in order that the market has complete and transparent information and an orderly and correct process is guaranteed.
According to Sabadell, the Basque entity has not reported the announcement of the hostile takeover in a presentation that took place first thing in the morning. “BBVA has published a presentation in English about the operation, a press release and has called on analysts and investors to a presentation that took place at 9.30 in the morning, in which a question period was subsequently opened. The referred documentation, not incorporated into the announcement,” it states in the brief document sent to the CNMV.
Furthermore, the entity chaired by Josep Oliu points out that “the information provided at the meeting violate article 32.1 of Royal Decree 1066/2007of July 27, on the regime of public offers for the acquisition of securities and, in general, introduce incomplete data that may affect the market”.
Doubts and rejection
This Thursday morning, BBVA has informed the stock market regulator that intends to take control of Sabadell bypassing the board of directors of the Catalan entity through a hostile takeover bid. The president of BBVA, Carlos Torres, defended in a press conference before investors and analysts that The offer is “extraordinarily attractive” and that it would generate “a very powerful combination of two entities.”
In this sense, the Bilbao-based bank has maintained the same proposal that he presented to the president of SabadellJosep Oliu, last week, but on this occasion addressed to its shareholders
The Government has completely rejected the proposal and has threatened to veto the merger, warning BBVA that “it has the last word”, while doubts have been evident throughout the political arc regarding the decision.
The effects that the operation could have on banking competition, employment or the economy generate doubts among the main national parties. Especially among the Catalan political forces, where the rejection is almost unanimous with the regional elections two days ahead.
