The case brought against Spain for vetoing the BBVA takeover bid sets a precedent

Brussels has opened proceedings against Spain for vetoing BBVA's takeover bid for Banco Sabadell, setting a precedent. The European Commission advocates support for bank mergers by Member States. The Spanish government vetoed the merger of the two banks for several years.

José Carlos González,  partner in the commercial and insolvency practice, highlights for La Información that this case sets a precedent for future transactions, avoiding “national temptations to hinder them based on political criteria unrelated to the common interest.”

Brussels has stated in its warning that the Spanish criteria for evaluating BBVA's takeover bid violate EU rules. On this point, our specialist lawyer adds: “Given the significance of the issue that has triggered this procedure, the damage to Spain's reputation is evident and has been reflected for some time in the sharp decline in foreign investment in our country.”