Brussels of Brussels on the OPA | Economy | EUROtoday
The place of the European Commission on the BBVA OPA to Sabadell is loopy. First as a result of it’s nameless, irresponsibility. Second, as a result of it’s an inside operation that doesn’t exceed the boundaries of affectation of the European market, Brussels lacks competitions. Third, as a result of it demonstrates supine ignorance concerning the Spanish Law on Defense of Competition, which is 2007 and has by no means been challenged.
That clandestine place (“sources of”) says however made public, that “does not see reasons that justify the blockage or rejection of the operation”, referring to the longer term “government decision.” It is first of Baccalaureate: the Spanish regulation doesn’t enable to “block” the OPA: solely modify the lack of the circumstances imposed by competitors (CNMC). Nor can “reject it”, however, in any case, veto the following “fusion.” OPA and fusion are various things.
More folly. With air of sufficiency, European sources add that the place of the Spanish authorities is “aligned with the decisions of the competent authorities.” What do you imply? Is the fee competent on this case? No. On the opposite hand, it’s competent within the OPA of the Italian Unicredit concerning the German Commerzbank, as a result of it’s cross -border, however there the spokesman for monetary companies, Olof Gill, simply muse The messenger—when requested concerning the opposition of the German authorities.
That is, they shut up on what they’re obliged to place themselves, and charte about what they lack competencies. Perhaps it occurs that the boss, Ursula von der Leyen, is German, and like to not maintain discomforts of the train of her place.
But the point out of the alleged obligation of “alignment” with the “competent” authorities additionally alludes to regulatory our bodies which might be partially competent and have already taken partial place, such because the CNMC (on competitors) or the ECB (on solvency). Another ignorance, as a result of the federal government is legally certified to intervene in any case of them, though it should achieve this in respect to the powers of these organisms. Respect (not “alignment”), for greater than a few of their opinions has been folded. To deny that competence to a legitimized political occasion is gross antipolytic.
Otherwise, the Vice President of the ECB, Luis de Guindos, incurred in the same erro: “Sometimes domestic approaches respond more to political issues,” he recriminated (he recriminated (Expansion, May 21). But, come on, former minister Guindos criticizing financial coverage choices as a result of they’re “political issues”? Does your 2012 financial institution rescue delegitim? But it says extra: these home “approaches” “are not aligned with European interests.” It coincides with Gill that the consolidation “will help” create a European banking union. It really outcomes from scientific proof that nationwide mergers haven’t led to cross -border operations. In Holland or Spain, the place focus is already suffocating, it has not given rise to any. The solely severely tried, starring Unicredit, reveals a plurinational origin: Unicredit is a conglomerate of Italian banks, with a presence in Austria, Germany and Eastern Europe, and funding banking divisions in London, Milan and Munich. Nothing to do.
https://elpais.com/economia/2025-05-31/disparates-de-bruselas-sobre-la-opa.html