BBVA must decide whether to continue its offer to buy shares in Sabadell after the Spanish Government has ordered the merger to be extended to three years
The President of the Generalitat, Salvador Illa, has expressed his satisfaction that the decision guarantees "balanced competition" and "the rights of workers, customers and businesses".
Poster announcing a public offering to buy shares. Photo: EFE
The Spanish Government has authorized the BBVA offer to Sabadell ifthere is no merger between and the next three years, so it will now be up to the potential buyer to decide whether to proceed with the plan and transfer the offer to the shareholders of the Catalan bank.
The BBVA may give in and waive the offer of public purchase of shares, as well as appeal to the Supreme Court against the decision of the Council of Ministers, and may cautiously request the Government to leave the condition in the air.
The Council of Ministers has finally clarified the decision on the public offer announced 13 months ago, provided that the BBVA undertakes to maintain the legal personality and heritage of Sabadell independently, as well as the autonomy to manage its activity.
After these three years, the Spanish Government shall assess, even if it may amend it, on the basis of two reports by the institutions, whether they have complied with the measures established to safeguard the general interest, or whether the impossibility of merging is extended by two more years.
The Spanish Government has tightened up the operation on the pretext of maintaining funding for small and medium-sized enterprises.
If the public offer succeeds, the BBVA may renew the Board of Directors of Sabadell in the amount controlled by the entity, as well as the Head (President or Chief Executive Officer), in accordance with the rules and in defence of the interests of the entity.
The Spanish Minister of the Economy, Carlos Cuerpo, has stated that the Government's intention is to avoidthe impact that the merger between BBVA and Sabadell may have on employment and customers. He has stressed that other processes have pulled from past experience and has reported that the autonomous activity of both banks aims to maximize the value of each entity.
The President of the Generalitat, Salvador Illa, has welcomed the news because it guarantees "balanced competition" and "the rights of workers, customers and businesses".
According to ERC, the conditions of the Spanish Government want the operation to "fail" so that "the Catalan financial system can be protected".
More news about the economy
A worker dies falling from a roof in Vitoria
The accident occurred on Tuesday, but was reported today.
Brussels has opened proceedings against Spain for the laws used by the BBVA in the Sabadell stock acquisition operation
The European Commission considers that the laws by which the Spanish Government has conditioned this operation are contrary to the free movement of capital, giving the Spanish Government a period of two months to give explanations.
The underground roads linking Portugalete and Leioa will begin in the first half of 2026 with a budget of 543 million
The General Representative of Bizkaia, Elixabete Etxanobe, has argued that the tunnel under the river "is neither a whim nor an idea" and "a necessity" for the territory.
Renting a flat in summer on the Basque coast has become a luxury within the reach of a few
Holiday rental prices have risen 40% over the last five years. Many owners are looking for an economic benefit: they prefer to shorten rent terms and increase income.
The Basque economy has grown 2.2% since last year
Employment has increased by 1.4 per cent in the second quarter, according to Eustat data. Compared to the first quarter, both GDP (0.5 per cent) and employment (0.3 per cent) have increased.
The Basque Government envisages a margin of up to €1,385 to negotiate the minimum wage in the ACV
The Department of Economy, Employment and Employment proposes a wage gap after analysing the socio-economic reality of the Basque Country. The study has been strongly criticized by ELA and LAB and calls for an interprofessional minimum wage of its own for the ACV.
The Basque Country will manage non-contributory family social security benefits
The Basque Government will take over the management and payment of various non-contributory family benefits from the Social Security through a transfer that will benefit some 20,000 people in the Basque Country and involve an investment of around EUR 100 million.
The Government and the Spanish Government have facilitated the participation of the SEPI in making the Talgo operation viable
Last week, the Basque Government accused the SEPI of "retracting" the purchase of Talgo.
Euskadik babes ofizialeko 1.000 etxebizitza berreskuratuko ditu irailetik aurrera
Erabaki "estrategikoa" da, Euskadiko etxebizitza-parke babestua indartzeko eta, aldi berean, 20 milioi euro inguru sartzeko aukera emango duena. Diru hori alokairu-erregimeneko etxebizitza publiko berriak eraikitzeko erabiliko da oso-osorik.
The Ertzainas will start collecting salary increases on the October payroll
The Governing Council has adopted a decree validating the agreement regulating the working conditions of the Ertzaintza (until 2028). Agents will receive a minimum annual increase of EUR 4,200 gross and will begin to receive them on the October payroll.