Political pressure mounts against the takeover bid for Sabadell following the CNMC ruling.

Just one day after the National Commission on Markets and Competition (CNMC) approved, with stringent requirements, BBVA's acquisition of Banc Sabadell, political pressure against the transaction intensified. Messages against the takeover came not only from the Generalitat (Catalan government), unions, and employers' associations, but also from the government itself. Its second vice president, Yolanda Díaz, described the merger between the two banks as a "major mistake," a sign that the government's own reluctance could become more pronounced if partner Sumar pressures against the takeover.

Díaz also asserted yesterday that the CNMC's ruling is "very bad news" and that the loser is "economic democracy." This is his forceful position, ahead of the Ministry of Economy's, which has limited itself to urging "maximum caution" and stating that it will study the case with "rigor and detail." Almost from the moment the takeover bid was launched, Minister Carlos Cuerpo has expressed concern about the operation's effects on competition and territorial cohesion.

A 15-day period begins for the Ministry of Economy to decide whether to take the operation to the Council of Ministers.

The increase in political pressure is now more important than at any other point in the operation. The Ministry of Economy has 15 days to decide whether to uphold the CNMC's ruling or submit its content to the Council of Ministers so that, within an additional 30 days, it can assess the imposition of conditions. This is permitted by the 2007 Competition Law, but within certain limits, as it must duly justify its decision based on factors of general interest beyond those of competition.

BBVA CEO Onur Genç expressed confidence on Tuesday that, after eleven months of analysis by the CNMC, the bank's commitments would be sufficient to overcome the government's request. He also acknowledged that, "if conditions are imposed that undermine value creation," BBVA could withdraw. This, he said, is not the central scenario.

The Generalitat will defend the "interests of Catalonia" while Pimec sees "persistent risks"

There were other comments from the government yesterday. The PSOE expressed restraint, while Sumar expressed outright rejection. The Minister of Finance, María José Montero, described the decision to advance as "premature," and the Minister of Science, Innovation, and Universities, Diana Morant, said that "appropriate decisions will be made to ensure competition and safeguard citizens' rights." In contrast, the Minister of Culture, Ernest Urtasun, rejected an operation that would generate, in his view, "a negative impact on jobs."

The Generalitat (Catalan government) is also now playing a prominent role due to its political alignment with the government. It maintains a critical stance, but has not yet made any demands. The government spokesperson and regional minister, Sílvia Paneque, said that the goal is to "preserve the local banking model" and that "the CNMC report will be thoroughly and rigorously analyzed." This comment is similar to that made Wednesday night by President Salvador Illa, whose premise is to defend "the interests of Catalonia above all else."

UGT and CC.OO. are asking the government to put obstacles in the way of "a merger that makes no sense."

Taking advantage of May Day, the unions reiterated their opposition to the takeover bid. "Let's hope the government considers the general interest and how the financial sector will be affected by a merger that makes no sense," said Pepe Álvarez, general secretary of the UGT (General Union of Workers' Unions). "It's worrying that, after what happened with the savings banks in their day, the financial institutions most closely linked to the productive sector and small business financing are being absorbed," said Unai Sordo, general secretary of the CC.OO (Working Council of Workers' Unions).

For Pimec, the Competition Authority's ruling is still insufficient, given the "persistent risks to SMEs and territorial equity." At Foment, its president, Josep Sánchez Llibre, had said this week that these transactions "never add up." Yesterday, the Spanish Consumer Association (Asescon) and Asufin also expressed their reservations.