The European Commission completes its review of the BBVA and Banco Sabadell transaction
The Directorate-General for Competition of the European Commission has concluded its review of the BBVA and Banco Sabadell transaction under the European Foreign Subsidies Regulation (FSR), without raising any objections.
On October 21, the notification regarding BBVA's offer to purchase shares from Banco Sabadell shareholders was published by the Directorate-General for Competition of the European Commission. The dossier originates from the FSR, a regulation from July 2023 focused on subsidies granted by non-EU countries to companies operating in the European single market. The regulation requires prior notification to the European Commission of concentrations involving EU-based companies and certain large public procurement tenders. It also grants the European Commission the authority to launch ex officio reviews of potentially distortive foreign subsidies. Today marks the end of the 25-working-day period established under the FSR since BBVA notified the operation to the EU authorities for the European Commission to complete its review of the case.