Spain's Competition Regulator Approves BBVA's Hostile Bid for Sabadell
Spain's competition watchdog cleared Banco Bilbao Vizcaya Argentaria's acquisition of Banco Sabadell SAB -2.03%decrease; red down pointing triangle, putting the final decision on the year-long takeover battle in the hands of the government.
The CNMC, which flagged that a combination of the two Spanish banks would threaten competition in certain parts of the retail banking and payments markets, late Wednesday concluded that the remedies put forward by BBVA BBVA -2.27%decrease; red down pointing triangle to address its concerns are 'adequate, sufficient, and proportionate to solve the problems that this concentration poses.'
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