BBVA-Sabadell: Sánchez will have to tread carefully with the takeover bid.

BarcelonaFrom now on, the future of the possible merger of BBVA with Banc Sabadell is in the hands of the Spanish government. After calling for an unprecedented public consultation in a business merger despite the approval of the National Commission on Markets and Competition (CNMC), the executive seems to have tried to overload itself with reasons for making a decision. And this could complicate the operation, because those against it had more incentive to participate than those in favor, unlike on October 1, although the government has insisted it was not a referendum.

In any case, Pedro Sánchez will have to tread carefully, because Europe is looking this way. If the merger fails due to public intervention, it will set a dangerous precedent, given that the competition aspect had already been overcome. The reasons for objecting now must be "in the general interest," and range from security to environmental protection, according to law. Some are convinced that the territorial impact in Catalonia or the Valencian Community could serve as an argument against it. In principle, we'll know in a maximum of thirty days.