Former Catalan and Valencian presidents and former economy ministers consider the takeover bid for Sabadell to be contrary to the general interest.

Madrid / BarcelonaSeveral former presidents of the Generalitat of Catalonia and the Generalitat of Valencia, as well as former Economy ministers of both administrations, consider BBVA's takeover bid for Banc Sabadell to be contrary to the general interest. They explain in an article in the ARA signed by former presidents Pere Aragonès, Artur Mas and Ximo Puig; and former councilors Antoni Castells, Jaume Giró, Oriol Junqueras, Andreu Mas-Colell, Natàlia Mas Guix and Vicent Soler.

The article recalls that the transaction is now before the Cabinet, which may impose new conditions precisely in accordance with the general interest. "We are facing an unusual transaction between two fully solvent, profitable, and consolidated entities, which do not present any financial or structural problems that would justify, from the public interest, an integration of these characteristics," the article states, recalling that this is not a rescue operation or a restructuring motivated by other sectors of systemic stability, as it is.

It also highlights that numerous business organizations, chambers of commerce, and unions have opposed the transaction, precisely because of its potential impact on the general interest. Thus, it lists the critical points of the transaction that are considered to affect the general interest: employment and territorial cohesion, financial exclusion, the loss of support for SMEs, the territorial uprooting of capital, and systemic risks.

On the other hand, Sabadell CEO César González-Bueno took the opportunity this Wednesday to once again defend the Valle del Cauca-based bank's sole project and, therefore, reject the hostile takeover bid that has been looming over the entity for over a year. However, he did argue that there is room for mergers in Spain, as long as they do not affect the general interest. "Mergers at the local level are desirable because they increase efficiency, until they affect issues of general interest, of which there are many," stated González-Bueno during his speech on the final day of the twentieth edition of the financial conference organized by Iese.

Regarding the general interest (the key element guiding the Spanish government to decide whether to introduce more conditions in the operation), the executive has focused on the fact that the issues linked to it go beyond the pronouncements of the regulatory bodies: "If any of us were asked about the issues of interest to us, solvency and competition would also be of interest to us, we would also think of other [reasons]," he indicated.

Small entities and greater market share

Likewise, beyond placing the limit on possible mergers in Spain on the impact on the general interest, González-Bueno focused on the size of the entities. "There is room for consolidation among smaller banks. Between them, they would all have synergies; none would have excessive overlap, either in business or geographical areas. But there are other [entities] that no longer have a place in further mergers, which are the big three," said the BB. CaixaBank director.

In fact, regarding the future of Sabadell, should the takeover bid fail, González-Bueno not only assured that they will have a party the next day, but also insisted on the idea of growing organically, trying to gain market share "very slowly."

A few weeks ago, the question arose whether a white knight for Sabadell could appear in the midst of a hostile takeover (investors, whether companies or individuals, who, in a friendly manner,They help an entity that is in danger of being absorbed by another) and the fact is that the Catalan bank has never denied that it aspires to grow in Spain. Unicaja, which is strong in Andalusia, and Abanca, in Galicia, have been the two names that some reports have put on the table.

On the other hand, the third section of the contentious-administrative chamber of the National Court rejected this Wednesday the injunction requested by the law firm Statera Legal, which sought to suspend the use of the results of the public consultation in the decision to be made by the Spanish government. This is stated in an order of the chamber, adopted by a majority but which included the dissenting vote of one of its members, who favored granting the injunction of suspension. The injunction now dismissed had been requested by the firm's lawyer, Ibor Fernandes Romero.