Spanish Market Supervisor to Await Government Decision on BBVA-Sabadell Deal

Spain's stock market regulator, CNMV, will delay its decision on authorizing the takeover prospectus for BBVA's hostile bid for Sabadell until after the government and competition regulator have reviewed the bid. CNMV chief Carlos San Basilio stated that, under Spanish law, the government holds the ultimate authority on mergers, though it cannot prevent a bid from being submitted. The competition watchdog's longer phase 2 review of BBVA's offer, initially valued at over 12 billion euros, could potentially prolong the process until 2025.