Carlos Torres, BBVA's president, is inclined to proceed with the lawsuit against the Spanish government for interventionism, even after the OPA on Banco Sabadell failed. He argues that the Council of Ministers' decision on June 24 is not in accordance with the law and constitutes an overreach on principle. Sources close to the matter confirm his stance, though no final decision has been made.
BBVA's president, Carlos Torres, has not changed his mind about the lawsuit filed before the Supreme Court against the government for intervention in the OPA on Banco Sabadell, according to sources familiar with the matter cited by EL MUNDO. Torres maintains that the Council of Ministers' agreement on June 24, proposed by Economy Minister Carlos Cuerpo, authorized the OPA but conditioned it on no merger of the entities for three years, which he deems "not in accordance with the law" and an overreach warranting continued legal battle on principle.
A recent Bank of America report states that this three-year legal merger ban inevitably affected the operation's economic viability and conflicts with European legislation. This interventionism is the highest to date in Spain for a merger previously approved by the National Markets and Competition Commission (CNMC), causing estimated damage of over one billion euros to BBVA in synergy savings.
BBVA's legal team argues the government overstepped in applying the Competition Defense Law, which does not allow harsher conditions than the CNMC's, and violates constitutional principles on freedom of enterprise. Officially, the bank has not made a final decision; Torres stated last Friday, after the OPA's failure: "It's too early, we will analyze it".
Sabadell's president, Josep Oliu, confirmed the government asked him to "do miracles so the OPA wouldn't go through". BBVA maintains contacts with advisors like José Blanco of Acento, hired in spring 2024 to counter Salvador Illa's support for Sabadell, which influenced decisions such as a public consultation on "general interest" and hardening CNMC conditions for the first time in over 1,500 operations, against Brussels' warnings. The European Commission will maintain its infringement file against Spain, though Cuerpo denies irregularities.
The Bank of Spain governor, José Luis Escrivá, at Prisa's World in Progress forum in Barcelona, called for reflection on extended deadlines of one and a half years in OPAs that divert energies from ordinary management. The CNMV is open to changes in OPA legislation.