MADRID – On Tuesday, BBVA (NYSE: BBVA) said the European Commission had not raised any objections to its bid for Spanish rival Sabadell after completing its foreign subsidies review.
The Commission’s Directorate-General for Competition had until midnight (2300 GMT) to wrap up the review within the statutory period of 25 working days after receiving official notification from the Spanish bank.
The Commission declined to comment on the process, which does not require a formal decision approving the transaction.
The lack of any announcement of an in-depth investigation after the deadline has passed implies a green light from the Commission under EU foreign subsidies regulation.
BBVA’s hostile takeover bid still faces a longer phase two antitrust review by Spain’s competition watchdog CNMC that could extend the process well into 2025.
