Feijóo calls the Sabadell takeover bid "frivolous": "It's not serious."

BarcelonaThe PP has so far avoided taking an open position on BBVA's takeover bid for Banc Sabadell. That's why, this Tuesday, all eyes were on the party's leader, Alberto Núñez Feijóo, who participated in the Círculo de Economía conference in Barcelona. "I like banking competition." Regarding what he did want to openly express his rejection of, he was on: The public consultation proposed this Monday by Spanish President Pedro Sánchez"I don't find it serious," Feijóo argued, calling the consultation a "frivolity unbecoming of a eurozone economy."

given the green light. "If [the Spanish government] uses the consultation to distance itself from the CNMC, the accusation of arbitrariness will immediately arise," he warned. The PP leader recalled that it is a process that is not "included" in the law and that it is his decision to lead the Popular Party. He also lamented that the Spanish government has not "led" the reasons for "authorizing or advising against the merger": "Governing is having an opinion." "BK_SLT_LNA~" Sánchez from launching a "populist message" on a "technical and delicate" issue, which showed his reluctance: "The PP will be against [the takeover bid] if the guarantees" of competition and access to financing for the self-employed and SMEs are not respected.

For his part, Economy Minister Carlos Cuerpo appeared this afternoon at the Cercle and defended—as Sánchez did yesterday—the consultation as a tool to allow the Spanish government to "make a complete assessment" and "with all the guarantees" of the operation and its consequences and, therefore, be able to make an "informed decision." Thus, the minister believes the consultation is a "good practice" to "obtain all the information." "We are conducting a complete assessment," he added.

Cuerpo insisted that the consultation is "aligned with the regulations"—particularly the competition law, which opens the door for the executive branch to open this type of consultation with involved parties—but that it will also be "very respectful" of the powers of the other public bodies that must authorize the takeover bid. "From the beginning, we have expressed concern," the minister said of the takeover bid, especially regarding the effect it will have on "competition, financial inclusion, territorial cohesion, and employment."

The consultation consists of an online form that can now be completed by businesses, social partners, economic organizations, and any citizen. It will be available until May 16. The opinions submitted by participants will be public, but will be purely advisory in nature and therefore not binding on the government.

Like Feijóo, Antonio Garamendi, president of the CEOE (Employers' Association), also disapproves of the public consultation. He believes it "disqualifies" the decision of the National Commission on Markets and Competition (CNMC). In an interview on Telecinco, Garamendi stressed that it is "incomprehensible." "We're going for pure assemblyism. I don't understand it, and I won't go into the nitty-gritty, because the nitty-gritty is the Spanish government. The law states that it has the power to decide whether there is a purchase, or not [...], but what is incomprehensible is that it is based on a consultation for this issue, because then consultations would have to be held for everything," Garamendi stated. The public consultation on the takeover bid announced Monday by Pedro Sánchez will be open starting today, Tuesday, and the Minister of Economy, Carlos Cuerpo, is expected to provide more details this afternoon to the Círculo de Economía (Economic Circle). Núria Rius Montaner.

The energy blackout

Beyond the takeover bid, Alberto Núñez Feijóo used his speech at the Cercle to once again take a frontal attack on the Spanish government, also for its handling of the energy blackout. The PP leader accused Sánchez of having a "triumphalism problem" and of having generated "distrust" among citizens and investors. Feijóo, in this regard, advocated for an external audit to "determine responsibilities." The conservative leader took the opportunity to defend extending the useful life of nuclear power plants, which he considers compatible with renewable energy: "Leading the transition does not mean ignoring the technical needs that are required today."

The financing model

As he did two years ago at the Círculo de Economía (Economic Circle), the PP president has once again advocated a reform of the regional financing model. However, the context is very different. In May 2023, Feijóo was advocating for it with presidential aspirations and without the Socialists having agreed with ERC to establish financing for Catalonia that would allow it to collect all taxes. It is precisely this agreement that Feijóo focused on this Tuesday: "I believe in reforming the financing model, not in breaking it up." The conservative leader once again attacked Pedro Sánchez for having agreed exclusively with Catalonia on a new model and not having discussed it with the other autonomous communities. Feijóo expressed a rejection that is inconsistent with the position of the person who invited him, because the Círculo de Economía (Economic Circle) has endorsed the new financing model for Catalonia.