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Brussels Initiates Proceedings Against Spain over Rules that Empower the Government to Halt BBVA’s Takeover of Sabadell
26 Articles
26 Articles
The government was used to finding oxygen in Brussels, but this week it has taken a stand with the position of the lawyer of the Community executive, who assured that the amnesty is not compatible with the values of the EU.After a year of contacts, the European Commission questions the obstacles to the merger of BBVA and Sabadell.I see for judgment: the judges of Luxembourg will decide on the amnesty after the clash between Spain and the Europea…
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.
On 24 June, the Spanish Government approved the BBVA Public Procurement Offer (OPA) on Sabadell but provided that the two banks remained separate entities (legal personality, heritage and management) for at least three years. The Spanish executive argued that this condition was imposed on the name of "general interest" to maintain support for growth and business activity, protect workers and customers and reach territorial cohesion, among other …
The Spanish Government approved the BBVA OPA on Sabadell but with the exception of the two banks they remained separate entities for at least three years.
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The Objective | Periodismo ethosThe case opened by the European Commission against Spain gives BBVA the opportunity to appeal to the Supreme Court the government's intervention in the takeover bid for Banco Sabadell and the ban on a merger in the next three years, according to various legal sources.
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- 33% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
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