Sánchez announces a public consultation before deciding on the hostile takeover bid for Sabadell.

BarcelonaThe Círculo de Economía conference kicks off this Monday in Barcelona amidst much political and economic excitement. Especially since it plans to BBVA's takeover bid for Sabadell and because the event was opened by Spanish President Pedro Sánchez, who could have the financial operation on the table in a few days with the option of halting it by setting new conditions "of general interest." Civil society on Sabadell's takeover bid for BBVA.

In addition, he has already hinted at the Spanish government's reluctance to the intentions of the bank chaired by Carlos Torres, as he has emphasized that it has problems—detected by the National Commission of Markets and Competition of the State of concentration." had shown itself to be against the takeover bid. In fact, Sumar has explicitly come out against the operation in recent days, but the PSOE had recently moderated its discourse. despite the conditions for financing SMEs, decided to unanimously endorse the operation launched by BBVA.

BBVA Chairman Carlos Torres was quick to react to Sánchez's announcement: "Utmost respect for the decisions [of the Spanish government]," he said in a press conference, also from the Círculo de Economía (Economic Circle). Torres once again boasted about the operation and its benefits, not only for the state, but also for Catalonia. In fact, BBVA had always been very confident that Sánchez's administration would not hinder the operation, although Monday's announcement was an unexpected turn of events. In fact, Torres he found out live.

The PP has also criticized Sánchez. From Catalonia, the party's secretary general, Santi Rodríguez, lamented that the Spanish government "has no opinion on an operation of this magnitude that would have a significant impact on Spanish financial institutions." And from Madrid, the deputy secretary for economic affairs, Juan Bravo, urged the Spanish president to directly call elections so that "the Spanish people can have their say on everything." Regarding the takeover bid, he remained mum: "It's not a political issue, but a management issue." "We have to listen to the experts" and see "if all the guarantees are met," he concluded. For its part, Junts has avoided making a splash with the vote of CNMC director Pere Soler, proposed by his party, and urged the state executive to act: "We already know what the outcome [of the referendum] will be in Catalonia: a unanimous rejection by businesses and all social stakeholders; what they should do is get involved and stop," Ríos said.

The president of the Generalitat, Salvador Illa, listened to Sánchez from the front row of the Círculo sessions and, in fact, has been gathered, as did the mayor of Barcelona, ​​Jaume Collboni. Isla reacted differently to the announcement, having previously openly opposed the operation. "We will defend the interests of Catalonia," he said upon learning of the Competition report. He also rejected the Foment del Treball takeover bid. this Monday.

From the very beginning, the takeover bid for Sabadell has been the focus of conversation at the Palau de Congressos de Catalunya, and before the conference even began, all the attention shifted to the presidents of these financial institutions, who made an appearance at the opening ceremony. Before everyone's eyes, Sabadell's president, Josep Oliu, approached the president of BBVA, Carlos Torres, to greet them, and they held a brief conversation in front of the cameras.

Following the CNMC's decision to unanimously endorse the takeover bid for Sabadell, –with the vote in favor of Pere Soler, proposed by Junts, which has raised controversy–The ball is now in the court of the Spanish government. Specifically, it is in the court of the Minister of Economy, Carlos Cuerpo, who has 15 working days to decide whether to refer his decision on the financial transaction to the Council of Ministers. If he does, it will open the door for Pedro Sánchez's administration to make its own statement. It is in this context that the Spanish Prime Minister has announced the prior public consultation before making any final decisions. Following the Spanish government's position, in any case, the transaction would still have to go through the National Securities Market Commission and, ultimately, Sabadell's shareholders.

The massive blackout

However, the takeover bid for Sabadell was not the only topical issue addressed by the Spanish Prime Minister in his speech at the Círculo conference. He began his speech by referring to the energy system and the massive blackout that occurred just a week ago, insisting that the Spanish government will go to the end to determine the causes of the incident. He also reaffirmed his commitment to the energy transition, despite the ongoing debate. reopened on the future of nuclear energy.

After highlighting Spain's response to the crisis—"We returned to normality in record time," he said—he boasted about Spain's commitment to renewable energy and the fact that energy prices in Spain are 30% cheaper than in the rest of the European Union. He also emphasized Spain's positive economic outlook to the business community. "We are the driving force of the entire eurozone," he concluded, and advocated for the European Union to seek strategic autonomy open to other economies.

The response to tariffs

In the opinion of the Spanish president, the main short-term challenge for Spain and the European Union is to respond to US tariffs, a "threat" that, he insisted, persists. Thus, he called for "dialogue" to promote international trade and touted the decree drafted by the Council of Ministers to help the sectors most affected by Donald Trump's economic policies. "I call on the parliamentary groups to support the measures for the tariff crisis. I ask that they not turn their backs on our country," he said, and asked the parties to vote for this Thursday, when the package of measures must be ratified in the Congress of Deputies. A request that the PP has already rejected, asserting that if they do not push through the measures, it is because the Spanish government has not accepted the Popular Party's proposals, said Juan Bravo.

Pedro Sánchez has also made another request to the parliamentary groups and the business community: that they not immediately close themselves off to the reduction of the working day, which must be approved this Tuesday in the Council of Ministers and which does not have the support of the employers' associations (nor yet of the majority in Congress). Together, however, which supports the Spanish government, has already announced that it will present an amendment to the whole.

The president of the Círculo, Jaume Guardiola, opened the conference by outlining the main issues that will be the focus of this week's discussions at the Palacio de Congresos de Catalunya. These issues center primarily on the new geopolitical situation and, specifically, the future of the European Union—with increased productivity and rearmament as the main challenges. "The moment is grave, and there is no other alternative in Europe," he summarized.