The National Court will review the appeal against the public consultation on the takeover bid for Sabadell.

MadridThe Spanish government's public consultation on BBVA's takeover bid for Banc Sabadell takes another step toward the courts. The National Court (AN) has decided to admit the administrative appeal filed by lawyer Ibor Fernandes, a BBVA shareholder and partner at the law firm Statera Legal, against the consultation, according to legal sources confirmed to ARA. However, the same sources explain that in a contentious administrative procedure such as this, appeals are always admitted except when there are formal defects. Fernandes requested the suspension of the use of the results of the public consultation as a precautionary measure until the AN resolves the procedure.

The Madrid law firm believes that the Spanish government's consultation, which served as the basis for the Ministry of Economy's decision to submit the takeover bid to the Council of Ministers, violates the principles of equality and non-discrimination. They also emphasize that the consultation form provided no guarantee regarding the authenticity of the user's identity. The appeal was filed hours before Economy Minister Carlos Cuerpo decided to raise the bid, opening the door for Pedro Sánchez's administration to demand more conditions from BBVA for reasons of public interest, beyond those stipulated by the Competition Authority. Should the Spanish government decide to impose much tougher conditions on the takeover bid (it has until June 27 to decide), BBVA's plans could be reversed.

The Economy Minister not only defended the public consultation but also welcomed the participation of various stakeholders directly or indirectly involved in the takeover bid for Banc Sabadell. Through the Spanish government's questionnaire, all of them were able to explain why they believe the operation has an impact on the public interest. This, coupled with reports that some ministries will prepare, will help the Spanish government study whether it is necessary to go further and demand more commitments, always from the perspective of the public interest, that is, those that are not linked to competition. For example, Cuerpo has pointed to territorial cohesion, the impact on the workforce, and the deep roots of the entity targeted by the takeover bid in the region.

This Thursday, Cuerpo once again defended that the executive's steps follow Spanish regulations to the letter. "We are very respectful [of the law]," the minister said in statements to the media from Turkey. The Minister of Economy also defended that the Spanish regulatory framework is aligned with the European one. "Total calm on the part of the government. And the guarantee and respect for our domestic legislation is important, which is what we are following in this operation," he asserted. The European Commission warned this week that it will closely monitor the Spanish government's actions. Sources within the European executive indicated that Europe welcomes having larger banks.