BBVA confident on antitrust approval for Sabadell bid, optimistic on Turkey
The logo of Spanish bank BBVA is seen on one of its branches in Malaga, Spain, October 27, 2022. REUTERS/Jon Nazca/File Photo Purchase Licensing Rights, opens new tab
MADRID, March 18 (Reuters) - Spain's BBVA (BBVA.MC), opens new tab remained confident that its hostile takeover bid for smaller rival Sabadell (SABE.MC), opens new tab will be approved by competition authorities within the next few weeks, its chief executive officer Onur Genc said on Wednesday.
In November, opens new tab, the antitrust watchdog said that BBVA's all-share offer for Sabadell, valued in April at more than 12 billion euros ($12.64 billion), must undergo a longer phase 2 review that could extend the process well into 2025 in a deal opposed by the government.
Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
"Our conviction is that the competition authority will give the green light to the process in the next few weeks ... we're very close to the end of that process," Genc said, underlining that the lender had submitted a unprecedented list of remedies to get the deal done.
Spain's market supervisor CNMV, which also needs to approve the deal, has said it would wait for the government before deciding on the potential authorisation of the takeover prospectus.
One of the reasons to buy Sabadell is to reduce BBVA's exposure to emerging markets such as Mexico and Turkey, where the CEO said it expected the bank to book a net profit of 2.5 billion to 3 billion euros ($2.73 billion) in the next two to three years if inflation continued to come down.
($1 = 0.9165 euros)
Reporting by Jesús Aguado; Additional reporting by Emma Pinedo; Editing by Inti Landauro and David Latona
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
13 minutes ago
- Reuters
Colombia will not paralyze economy to comply with fiscal rule, says minister
BOGOTA, June 6 (Reuters) - Colombian Finance Minister German Avila said on Friday that "paralyzing" the economy to comply with the country's fiscal rule is not an option and that the government will take steps, including increased borrowing, if needed to ensure growth. His remarks follow news that Colombia may invoke an "escape clause" to suspend compliance with the fiscal rule governing government finances.
Reuters
28 minutes ago
- Reuters
Missouri probes false report about screwworm pest that hurt US cattle prices
June 6 (Reuters) - Missouri authorities are investigating a fake press release about the damaging livestock pest New World screwworm that sparked a selloff in U.S. cattle futures markets last week, the state's agriculture department said on Friday. U.S. agriculture officials and farmers are on high alert for screwworm as it has moved north in Mexico from Central America, arriving within about 700 miles (1,125 km) of the Texas border. The U.S. Department of Agriculture indefinitely halted U.S. cattle imports from Mexico last month in a bid to keep out the parasite, which eats livestock and other wild animals alive. Screwworm infestations can kill cattle if left untreated and make them susceptible to secondary infections. On May 27, a false press release, opens new tab was sent to a northwest Missouri radio station about screwworm, the Missouri Department of Agriculture said. A report on the radio station's website pressured Chicago Mercantile Exchange cattle futures before being taken offline, livestock traders said. Live cattle futures fell nearly 2% before paring losses, as daily trading volumes in the market spiked 77% from a week earlier. The Missouri State Highway Patrol's Rural Crimes Investigative Unit, the Livestock and Farm Protection Task Force, and state attorney general are investigating the matter, Missouri's agriculture department said in a press release. State officials want to determine "if this was an act with malicious intent to cause panic in agricultural markets," the department added. U.S. cattle producers' group R-CALF USA last week asked, opens new tab the Commodity Futures Trading Commission, which regulates futures markets, to investigate. The commission did not immediately respond to a request for comment, and exchange operator CME Group (CME.O), opens new tab declined to comment.
Scottish Sun
an hour ago
- Scottish Sun
Bitter Trump-Musk breakup forces allies to take sides as MAGA influencers quip Don's ‘not invited to Mars anymore'
LAWMAKERS have been forced to pick sides after President Donald Trump and Elon Musk's bromance came to a screeching halt. Democrats and Republicans are scrambling to pledge their allegiance after Musk called for Trump's impeachment and hurled unfounded accusations about the Epstein files. 7 Elon Musk's feud with President Donald Trump has left some MAGA loyalists picking sides Credit: Reuters 7 The feud erupted over Trump's 'big, beautiful bill,' which proposed stripping billions in government subsidies from Tesla Credit: AP 7 The drama unfolded when Musk disapproved of Trump's "Big Beautiful Bill," calling it a "massive, outrageous, pork-filled Congressional spending bill." Trump said the world's richest man was furious because the bill proposes stripping billions in government subsidies from Musk's electric vehicle company Tesla. The two exchanged digital blows with searing social media posts until late Thursday night, when White House aides were said to have scheduled a call between the bitter rivals. RECONCILIATION REJECTED Musk appeared to have offered a possible olive branch when he responded to a post on X from hedge fund manager Bill Ackman. Ackman called for reconciliation, "for the benefit of our great country," and said, "We are much stronger together than apart." In a telling reply, Musk said, "You're not wrong." Speaker Mike Johnson raced to try to get Musk on the phone to negotiate a peace offering. He said they were trying to nail down a time to chat, but haven't been able to iron things out yet. But that all fell apart on Friday morning when Trump blasted Musk again and said he wasn't interested in talking anytime soon. Despite glimmers of hope, politicians and thought leaders have rushed to pick sides and share their two cents on the matter. Trump crushes hopes of 'peace talks' call with Musk as he insists Elon has 'lost his mind' after feud went nuclear Though many of them have been quick to stick to President Trump, not everyone is falling in line. TRUMP SUPPORTERS RALLY Support for Trump was immediate and forceful as allies rallied around the president. Johnson, who oversaw the passage of Trump's "big beautiful bill" in the House that prompted Musk's initial shot across the bow when he called the legislation a "disgusting abomination," was among the first to come to the president's aid. "Look, I know all of you are very concerned about [Musk's] tweets, but I think the American people are concerned about things that really matter," Johnson told reporters Thursday. How did Musk and Trump's relationship crumble? ELON Musk and Donald Trump spent Thursday launching insults on social media as their relationship quickly went sour. The Tesla owner called for Trump's impeachment as the president hit back and warned the government could end all federal contracts with Musk's companies. Here's how it went down: On Tuesday, Musk tweeted that Trump's signature "big beautiful" spending bill was a "disgusting abomination" that would add billions to the federal deficit On Thursday in the Oval Office, Trump addressed Musk's criticism of the bill and accused Musk of trying to kill it because the bill ends federal subsidies for electric vehicles Musk responded by live-posting on X as Trump spoke, initially shrugging off the president's assessment with an unbothered "Whatever," before tearing into the bill's other spending provisions Trump escalated the feud after the Oval Office meeting with multiple posts on Truth Social, saying he told Musk to leave the White House instead of continuing to work with Doge and threatening to dump Musk's federal contracts, which are worth billions Musk fired back on X by saying he was "decommissioning" the Dragon spacecraft made by SpaceX that brought the stranded Nasa astronauts back from the International Space Station in March Musk also escalated the war of words by reposting and replying "Yes" to a tweet claiming that Trump should be impeached and replaced by Vice President JD Vance Musk further fanned the flames by claiming that Trump is named in the infamous "Epstein files" and making unfounded accusations that its the reason they haven't been released to the public. "That is making their taxes low, making their economy work, making the border secure, making energy dominance a big thing again, and that's what our bill is going to do." Johnson said he supported Trump's massive tax and spending cuts bill, and called it a "historic step forward." Vice President JD Vance rushed to his bosses aid and blasted "lies the corporate media tells about President Trump." "One of the most glaring is that he's impulsive or short-tempered," he wrote. "Anyone who has seen him operate under pressure knows that's ridiculous." White House Press Secretary Karoline Leavitt said the feud was an "unfortunate episode from Elon," adding that he wasn't happy with the bill because "it does not include the policies he wanted." "As a businessman, he has a right to speak for his companies, but as president, President Trump has a responsibility to fight for this country," she told Fox News. CJ Pearson, who is the co-chair of the Republican National Committee Youth Advisory, made it clear who had his vote and confidence. "I'll be on the side of the guy that took a bullet for his country. Simple as that," he told the Daily Mail. 7 Representative Thomas Massie, a Republican from Kentucky, slammed Musk's claims, but added that he should be respected Credit: Getty 7 White House Press Secretary Karoline Leavitt praised the 'big beautiful bill' when she was asked about the feud Credit: Splash EPSTEIN CLAIMS 'RIDICULOUS' Other Republicans fumed over Musk's unfounded claim that Trump is named in files on sex trafficker Jeffrey Epstein and should be impeached. Leader of the House Task Force on the Declassification of Federal Secrets, Anna Paulina Luna, said the Epstein accusation was bogus. "The fact is, I do not believe that President Trump is in the Epstein files," she said. Representative Thomas Massie, a Republican from Kentucky who Musk supported, disagreed that Trump should be impeached but added that he still respects the Tesla CEO. "This is the language Trump speaks in. [Musk] is speaking it back to him," he said. Meanwhile, Tennessee Representative Tim Burchett argued that if Trump were in the files, it would've already be used against him politically. "Honestly, if any of that stuff was true on Trump, don't you think the Biden administration would have brought it out? I mean, that's just ridiculous," he said. There's no evidence that Trump had any involvement in Epstein's crimes. 7 Vice President JD Vance blasted the 'corporate media' for portraying Trump as short-tempered Credit: AP MAGA INFLUENCERS CAUTIOUS MAGA influencers remain divided on the feud, including Emily Wilson, known as Emily Saves America, who said that she "doesn't agree with doing this publicly and it's not a good look for us… compared to Democrats, our party at least goes for it. "We go with what we think and feel, we don't just fall in line with each other. I feel like Democrats are all shady and do everything behind closed doors and eat their own." Raquel Debono, who runs Make America Hot Again, jokingly said: "I guess Trump's not invited to Mars anymore." However, activist Robby Starbuck said MAGA is stronger "with Trump and Elon working together," and hopes the two can come together. "Elon is right to want a balanced budget and Trump is right to want his signature legislation. "Remember, our founders in America did great things, often fought and later made up. "This doesn't need to be a breakup if they let cooler heads prevail." Meanwhile, podcaster Joe Rogan, who endorsed Trump as president, called for Musk's phone to be thrown away. 7 White House aides reportedly set up a phone call between Musk and Trump to clear the air, but it fell through Credit: AP DEMOCRATS DIVIDED ON MUSK PRAISE The feud has had some in the Democratic party praising Musk, which has earned the ire of Pennsylvania Senator John Fetterman. "The Dems, we've been dumping all over Musk and vandalizing Teslas or whatever, and now, suddenly, we might be more back into him," he said. Fetterman warned the party against fawning over the billionaire. "It wasn't that long ago that Tesla was like the virtue-signaling kind of accessory for Dems," he said. "I would never want to vandalize Teslas, and the 'big, beautiful bill' is wrong for America. So, from my perspective, I've just tried to be consistent through that." WHO'S STAYING QUIET Some key decision makers are keeping to themselves until tensions cool. "I'm staying out of it," Representative Don Bacon, a Republican from Nebraska, told NBC News. "There's a good verse in Proverbs, 'Stay out of fights.' I'm staying out of this one." Representative Richard Hudson, a Republican from North Carolina, said that he has faith the feud will "blow over." When he was asked whether the two would make up, he merely shrugged.
