The Spanish government, led by Socialist Pedro Sánchez, is reportedly taking a closer look at Banco Bilbao Vizcaya Argentaria’s (BBVA) €12 billion hostile takeover bid for Catalonia’s Banco Sabadell.
This intervention, described as “extremely rare” by legal experts, comes amidst broader clashes between EU countries and Brussels regarding banking mergers.
While Brussels advocates for larger, more efficient banks to boost European competitiveness, national capitals, including Spain, are seen as hindering deals that could threaten local interests, prompting the European Commission to investigate such interference.