The CNMV will wait for the Government's decision on competition to approve the BBVA takeover bid
The National Securities Market Commission (CNMV) has added a nuance to the management of deadlines for the BBVA takeover bid for Banc Sabadell. According to its president, Carlos San Basilio, he will wait not only for the ruling of the National Commission of Markets and Competition (CNMC), but also for the possible intervention of the Government in the so-called third phase of the competition process.
In the presentation of the supervisor's 2025 activity plan, San Basilio has specified that it is still necessary to know whether or not the process enters this third phase. In any case, the CNMV's objective is to approve the takeover bid "as soon as possible."
The CNMC can approve the merger without conditions, impose some of them or reject it. In the second and third cases, the Council of Ministers could intervene to confirm the decision or impose new commitments. The expectation is that the Competition Authority will accept the proposal presented by BBVA, including the tightening of some of the measures.
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In November, the CNMC decided to analyse the operation in a second phase. As part of the process, the period for objections ended last week and from now on the Competition Department must carry out the market test and prepare the report to be submitted to the court, in order to approve the final ruling. It is expected to be announced between the end of March and the beginning of April.
In its new plan of activities, the CNMV will create a retail investor protection department and review its internal procedures to simplify processes.
A “significant increase” in Sabadell’s remunerationOn the other hand, the ISS shareholders' meeting voting recommendation agency has published a report on the upcoming Sabadell meeting in which it recommends voting against board remuneration.
The report, which La Vanguardia has had access to, considers that the “significant increase” in remuneration “is not accompanied by sufficient justification.”
The fixed remuneration of the CEO, César González-Bueno, will increase by more than 20%, to two million euros, in addition to a 17% increase in the variable remuneration. This would place him in the 71st percentile internationally and in the 75th in the domestic market.
Another point that ISS disagrees with is the one that establishes a limitation for Sabadell's independent directors to work for other EU financial institutions or insurance companies in the regions in which the bank operates.
It is a measure that “does not seem justified” and seems “excessively restrictive”, to the point that “it could discourage some independent directors from serving Sabadell”, he says.
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