Spanish government to open a public consultation over BBVA-Sabadell deal, PM says
MADRID, May 5 (Reuters) - The Spanish government will open a public consultation over the proposed acquisition of Banco Sabadell (SABE.MC), opens new tab by its larger rival BBVA (BBVA.MC), opens new tab, Spanish Prime Minister Pedro Sanchez said on Monday.
"The Spanish government will open tomorrow a consultation...in order to gather the opinion of citizens' organizations and associations," he said.
His comments come after Spain's competition watchdog CNMC approved on Wednesday the deal subject to several remedies.
The deal, valued at around 12 billion euros ($13.59 billion) when it turned hostile last May, is opposed by the Spanish government.
Under Spanish law, the government cannot stop a bid from being made, but it has the final word on whether a merger goes ahead. Spain's economy ministry has now 15 business days to take the deal to a cabinet meeting.
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