Opponents of BBVA's takeover bid for Sabadell are spending their last bullet to reaffirm their position.

MADRIDThe Minister of Economy, Carlos Cuerpo, has his work cut out. This Friday was the deadline to respond to the Spanish government's public consultation on BBVA's hostile takeover bid for Banc Sabadell, and those against it have taken advantage of this opportunity to reaffirm their rejection of the operation and pressure Pedro Sánchez's administration to put a spoke in the wheel. Thus, the majority unions, CCOO and UGT, and various business organizations—including Foment del Treball and Pimec—have not hesitated to respond to the government's questionnaire. But Banco Sabadell itself has done so as well.as anticipated a few days ago by the CEO of the entityCésar González-Bueno. Now, the ministry headed by Carlos Cuerpo will analyze all the responses. However, the Minister of Economy has already made it clear that the procedure "is not a referendum" on Yeah either No in the takeover bid, but rather the information will be assessed in "qualitative" terms: the Spanish government will use it to decide whether to open the door to demanding greater commitments from BBVA for reasons of public interest.

Unions put a figure on layoffs

From the outset, it should be noted that the consultation was secret and non-binding, so the names of those who responded will not be revealed unless they are made public, nor will the arguments for their opposition to the operation.

"BBVA's takeover bid for Sabadell is not justified on grounds of efficiency or competitiveness. It would be seriously detrimental to society as a whole," both major unions stated in a press release this Friday. UGT and CCOO have focused on the destruction of jobs—"between 7,684 and 10,567, especially workers over fifty"—and the closure of branches. They also took advantage of the consultation to reiterate that the takeover bid poses a "direct threat to the plurality of the banking system and its ability to serve the real economy."

On the employers' side, Foment del Treball (Foment del Treball) hasn't specified their response, but its president, Josep Sánchez Llibre, has publicly stated that one of his main concerns is access to financing for small and medium-sized businesses, particularly those in Catalonia, as well as the economic impact that the disappearance of one of the main companies could have. These arguments have also been championed by Pimec (Spanish Institute of Industrial Property), the Chambers of Commerce, and Cecot (Spanish Institute of Industrial Property).

In the case of Sabadell itself, its response has not been disclosed—González-Bueno left it to the board of directors—although the Valles-based bank has always focused on access to credit for SMEs as the main negative impact. On the other hand, BBVA, which was caught by surprise by the procedure, did not participate in the consultation. "As an interested party in the procedure, we conveyed our considerations to the ministry and the rest of the authorities," indicate sources from the entity. The Bilbao-based bank maintains that "there are no factors of general interest affected by the operation."

"It is not a referendum"

"The consultation is not posed as a Yeah or one No to the imposition of conditions or as one Yeah or one No in the takeover bid. It's not a referendum," Cuerpo stated in an interview on TVE this Friday morning. "It's about obtaining relevant qualitative information about the reasons of general interest that the people affected or involved in the takeover bid may have," he added.

The ministry has until May 27 to decide whether to do so, opening the door for the government to demand additional conditions to those of the National Commission of Markets and Competition (CNMC) at BBVA. Cuerpo defended. Although the consultation is a tool included in the regulations, it is unprecedented in operations of this nature. There is concern, there is an impact on the financial inclusion of the elderly and also in rural areas. "We do not want to take steps backwards on an issue that we have been working on for years," the minister indicated.