US EditionBrussels Initiates Proceedings Against Spain over Rules that Empower the Government to Halt BBVA’s Takeover of Sabadell
20 Articles
20 Articles
The European Commission is taking part in BBVA’s opa on Banco Sabadell. Brussels has decided to open a file to the Spanish Government because of its decision to veto the merger between the two banks for at least three years, which can be extended to five years. However, the entry of this new actor does not alter the process of the operation, because in practice what concerns the Community Executive is how Spanish legislation is not aligned with …
The EU initiates an infringement procedure for infringement of competition and also for two rules which do not comply with European law and which give the Body the right of veto. "These powers constitute unjustified restrictions", says Leer.
Europe has questioned several actions of the Spanish Government. First, when the European Commission pointed out that the Amnesty Law is not based on the general interest but on the particular interest of the cabinet and its members of Junts and that it causes a deep division in society. Shortly afterwards, Brussels opened an infringement procedure against Spain for obstructing the BBVA OPA on Sabadell and not respecting the Community principles…
The Community Executive now gives the Government two months to respond to its concerns.
EC opens infringement proceedings against Spain over conditions imposed by government on BBVA Sabadell takeover bid
The Corner Alphavalue/DIVACONS | The European Commission announced on Thursday that it was opening infringement proceedings against Spain over the conditions imposed by the government on BBVA’s takeover bid for Banco Sabadell (SAB). Brussels specifically objects to the discretionary powers granted to the government by Spanish law to block such transactions. The EU executive considers that the scope of these powers exceeds the scope of the genera…
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