Reactions to the takeover bid: Isla celebrates the result and the Spanish government shows "respect"

BarcelonaThe outcome of BBVA's takeover bid for Banc Sabadell, which has resulted in bankruptcy because it has not reached the minimum requirement of 30%, it has taken everyone by surprise. And it hasn't been because of the result, since nobody was entirely sure what would happen, but because it was published late on Thursday, a day ahead of schedule. Be that as it may, in the last few hours there have been a flurry of political and business reactions to the news.

The president of the Generalitat, Salvador Illa, has celebrated the result of the takeover bid: "We are happy. What we wanted to happen has happened," he said this morning in an interview on Catalunya Ràdio. A similar reaction to the one he had already expressed on Thursday through X: "It confirms what we have always defended: a banking system adapted to the reality of Catalonia and its business fabric." The socialist, however, has acknowledged that he finds the result "surprising." "The forecasts were not so conclusive," he declared. The head of the Catalan government has shown "respect" for the outcome and wanted to give a nod to BBVA: "It has done a job well [in Catalonia] and we want it to continue doing so," he said.

The quickest to respond on Thursday was the Spanish government, which, through sources from the Ministry of Economy, headed by Carlos Cuerpo, expressed its "total respect for the decision of the Banc Sabadell shareholders, who were responsible for assessing the transaction." These same sources highlighted "the impeccable performance of all the supervisors and authorities involved in the process," such as the Bank of Spain, the National Commission of Markets and Competition (CNMC), and the National Securities Market Commission (CNMV).

"We said it from the beginning: the takeover bid was a bad operation, with negative effects on employment, which aggravated banking concentration, made financing for small and medium-sized businesses difficult and increased financial exclusion," wrote the second vice president and Minister of Labor, Yolanda D. on social media.

Business celebration

One of the main critics of the hostile takeover, the Sabadell Minority Shareholders Association, was also quick to react. Its president, Jordi Casas, expressed his "euphoric" enthusiasm for BBVA's failure. "It's good news for the country," Casas emphasized in statements to ARA. "BBVA hasn't understood Sabadell's project, nor have its minority shareholders," he said.

The main employers' associations, which opposed the operation from the outset, were also quick to respond. One of them was Pimec, which estimated the resulting credit reduction at €53 billion and this Thursday positively assessed the outcome of the takeover bid. "This result is good news for the business community and for the country's productive economy. SMEs need local entities, with decision-making criteria rooted in the region and sensitive to local realities," said Pimec president Antoni Cañete.

For its part, Foment del Treball also gave a "very positive" assessment of BBVA's failure. The Catalan employers' association has stated that "Catalonia needs a financial hub like Sabadell" and that "its survival will facilitate its return to leading the Spanish economy." For the Barcelona Chamber of Commerce, the rejection of the takeover bid is "great news." Sources from the chamber have highlighted in the ACN the "collective effort of the Catalan business associations, which have largely united to help convey the positioning of the economic and financial world."

ERC and Junts call for greater ties with Catalonia

Former Catalan president and Junts leader Carles Puigdemont celebrated the outcome of the takeover bid in a tweet to X, in which he described the operation as "an attempt to destroy Catalonia's banking system." For his part, the president of ERC, Oriol Junqueras, said that the failure of the takeover bid "is good news for Catalonia."

The two pro-independence leaders agreed on giving Banc Sabadell some homework. "Now it is even more important that Sabadell strengthen its ties with Catalonia's economic and social system. It is the best prevention against future takeover temptations," said Puigdemont. Junqueras echoed the sentiment: "We cannot miss the opportunities that arise, also for society as a whole. So be it." For Comuns, the failure of the takeover bid is good news because "it would have further aggravated the banking concentration."