BBVA Says EU Subsidy Review of Sabadell Bid Doesn't Raise Objections

Dow Jones2024-11-27

By Adria Calatayud

Banco Bilbao Vizcaya Argentaria said European Union competition authorities didn't raise any objections to its $12 billion-plus bid for smaller Spanish peer Banco de Sabadell after concluding a review under the bloc's foreign subsidies rules.

The bank said Tuesday that the European Commission, the EU's antitrust enforcer, completed its review under the European Foreign Subsidies Regulation without raising any objections. The rules allow the commission to launch investigations if it finds signs of possible distortions to the EU's internal market due to foreign subsidies.

BBVA went hostile in its bid to take over Sabadell in May after it encountered opposition from its smaller rival's management. The deal is still pending approval from Spanish regulators and Sabadell's shareholders and the Spanish government has also raised concerns on the bid.

Spain's competition authority earlier this month said the bid required an in-depth probe. It mentioned risks including worsening of commercial conditions for clients through reduced lending to small businesses and access to physical branches and ATMs for individuals.

BBVA said in September the European Central Bank had indicated it wouldn't oppose its takeover of Sabadell.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

November 27, 2024 01:46 ET (06:46 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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