Political unanimity in celebrating the failure of the takeover bid

BarcelonaBBVA's hostile takeover bid for Sabadell has been an economic battle, but also, and very much so, a political one. Just hours after learning of its failure, the president of the Generalitat, Salvador Illa, met this afternoon with the president of the Catalan bank, Josep Oliu, at the Palau de la Generalitat. A clear and forceful gesture that conveys the importance this operation has had for the Government.

Isla has opposed it from the beginning, which, precisely, coincided with the elections that brought him to the Generalitat. The president expressed his "happiness" this Friday after the failure of the takeover bid: "It's good news for Catalonia and for society as a whole and its business fabric," he said at an event at the Palau de la Generalitat this morning, after an interview in The Morning of Catalonia Radio affirmed that what they wanted to happen had happened. Isla also addressed BBVA and emphasized that the Government will continue working "as it always has." "Both entities are important for the Catalan economy and for the Spanish economy," maintained the Socialist leader.

An opinion shared by the rest of the Socialist executive, with the Minister of Economy and Finance, Alícia Romero, emphasizing that the outcome of the takeover bid guarantees the balance of a bank that has always supported SMEs and strengthened the Catalan economic fabric. In times of polarization, understanding has spread across the other parties, both Catalan—such as Junts, ERC, and Comuns—and national—such as Podemos and Sumar, with the Second Vice President and Minister of Labor, Yolanda Díaz, who reiterated that the takeover bid was "a bad operation." Even the People's Party (PP) has not been out of step: the PP's Deputy Secretary for Institutional Regeneration, Cuca Gamarra, said that the final say on the takeover bid "has been the shareholders', and that is the key."

One of the discordant notes has been that of the Basque government. The Basque government's Lehendakari, Imanol Pradales, argued that, if successful, BBVA's takeover bid would be positive for both the Basque Country and Catalonia, because there must be a "strong and competitive financial sector." In the face of the failure, the executive has encouraged the Basque bank to continue strengthening its presence in the Basque Country: "A new era has opened for BBVA and also a new stage to consolidate and strengthen the Basque Country's relationship with one of its main financial institutions."

Brussels is maintaining the case against the Spanish government.

Amid the euphoria unleashed among political parties, also shared by business organizations, the European Commission has reiterated that it is continuing with the infringement procedure against Spain for the legislation used by the Moncloa government against the takeover bid, even though it ultimately failed. EU spokesperson Olof Gill also maintained that "domestic and cross-border" mergers in the banking sector can help improve efficiency, profitability, and the economy in general.

In this regard, the Minister of Economy, Carlos Cuerpo, defended the Spanish government's actions during the BBVA takeover bid not as an "intervention," but rather as "participation," adding that it has acted in accordance with state and EU law at all times. The First Vice President of the Spanish Government, María Jesús Montero, agreed and emphasized that the takeover process has been "immaculate" and "all guarantees have been respected."