Overview
- BBVA filed to withdraw its appeal after the takeover closed with 25.4% acceptance, below the level it deemed necessary to proceed.
- The government had cleared the bid on the condition that BBVA and Sabadell keep separate management, legal personality and assets for at least three years, extendable to five.
- In its withdrawal, BBVA reiterates its view that the government’s conduct during the process was contrary to law.
- BBVA’s original appeal argued that Spain’s competition law allows maintaining or relaxing CNMC commitments rather than tightening them.
- Two days before the appeal was filed, the European Commission opened an infringement procedure over Spain’s restrictions, and BBVA now says it will focus on its strategic plan while remaining open to future operations.