The Bank of Spain has informed the ECB of its approval of BBVA’s takeover bid for Sabadell in a document characterized as a “non-opposition” opinion, which indicates that financial stability would be safeguarded. Although it is non-binding, i.e. it does not oblige the ECB to follow the recommendation, the ECB tends to align itself with the views of national authorities.
The report in question was drawn up by the internal supervisory teams of the Banco de España and, in July, a meeting of the bank’s governing council took place.
On the other hand, according to Alphavalue/Divacons, BBVA has informed the US SEC that Sabadell is omitting information and hindering the takeover bid.
