Latest news with #CNMC
South China Morning Post
5 days ago
- Business
- South China Morning Post
Indonesian villagers urge China to stop funding mine project after permit revocation
An Indonesian community in North Sumatra is calling on Beijing to withdraw financial backing for a China-linked zinc and lead mine in the earthquake-prone region after the project lost its environmental permit. Advertisement On May 23, Indonesia's Ministry of Environment and Forestry formally revoked the approval it had granted in 2022 to Dairi Prima Mineral (DPM), an Indonesian joint venture seeking to build an underground mine in the Dairi regency. The move was in line with a Supreme Court ruling ordering the government to cancel the permit last August. DPM is owned by China Nonferrous Metal Industry's Foreign Engineering and Construction (CNMC), which holds a 51 per cent stake, and Indonesia's Bumi Resources Minerals. For years, Dairi residents have protested against the mine , as it posed serious environmental risks for their region. One big concern was the building of a tailings dam that, if it collapsed, could flood the villages with toxic waste. Tailings dams are embankments constructed near mines to store mining waste in a liquid or solid form. Dairi residents protest in front of the Ministry of Environment to demand the revocation of an environmental permit for a proposed China-funded mine in their region on May 22. Photo: Monica Siregar Rosa Vivien Ratnawati, a secretary general at the ministry, said that the revocation was carried out to comply with last year's Supreme Court ruling.
Bloomberg
09-05-2025
- Business
- Bloomberg
Banco Sabadell CEO González-Bueno on Potential BBVA Takeover
'There is a social uproar against against this deal,' Banco Sabadell CEO González-Bueno says. "We can expect that there could be further remedies," he added. Sabadell has been trying to defend itself for a year now against a takeover attempt by its domestic rival, whose full name is Banco Bilbao Vizcaya Argentaria. Competition watchdog CNMC last week approved the deal with some conditions. González-Bueno spoke to Bloomberg's Tom Mackenzie on "Daybreak: Europe" on May 8. (Source: Bloomberg)
CNBC
01-05-2025
- Business
- CNBC
Spain's antitrust body clears BBVA-Sabadell takeover, awaits government
Spain's competition watchdog CNMC approved on Wednesday the proposed acquisition of Banco Sabadell by its larger rival BBVA, though the combined lender will have to accept several remedies in its retail banking arm if the long-running hostile takeover bid clears the remaining hurdles. The deal, valued at around 12 billion euros ($13.59 billion) when it turned hostile last May, is opposed by the Spanish government. An economy ministry spokesperson said it would pore over the CNMC report once it has received it. The deal also has to be authorized by the stock market supervisor CNMV before the bid can be effectively launched. BBVA wants to create the second-biggest bank in Spain by credit volume after Caixabank, which would also have over 1 trillion euros ($1.13 trillion) in total assets. The CNMC said the commitments presented by BBVA to address competition issues in the affected markets were "adequate, sufficient and proportionate." In a statement, BBVA Chair Carlos Torres Vila said that the remedies that "we assume favor financial inclusion, territorial cohesion, credit for SMEs and the self-employed, and preserve competitiveness, especially in places where Banco Sabadell has a greater presence, such as Catalonia." Sabadell countered that the methodology used by the CNMC was not "appropriate" to analyze the implications that the combination of both banks would have on SMEs and clients. The CNMC also concluded that the deal posed a threat to effective competition in certain areas of the retail banking and payment services market, where the merged entity exceeds a 30% combined market share. BBVA committed to divest certain levels of stakes in payment processing companies (Redsys, Sistema de Tarjetas y Medios de Pago, Bizum and Servired) as mandated by these companies' bylaws. To address concerns, BBVA said it would not close branches where there is no other branch within 300 meters (0.19 miles), in postal codes with a per capita income below 10,000 euros and where there are fewer than three competitors. It also vowed not to leave behind any municipality in which there are fewer than three competitors. As for SMEs and the self-employed, BBVA also committed to maintain working capital lines for three years, extendable by two more years, for all SMEs working with Sabadell. Under Spanish law, the government cannot stop a bid from being made, but it has the final word on whether a merger goes ahead. Competition legislation limits the government's scope for intervention but since the antitrust regulator has set remedies in its review, Spain's economy ministry has now 15 business days to take the deal to a cabinet meeting. The government then has a month to oppose it, known unofficially as a "phase 3 review."
Wall Street Journal
01-05-2025
- Business
- Wall Street Journal
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.'
Yahoo
26-03-2025
- Business
- Yahoo
Spain launches antitrust probe into Generali and Sanitas
Spain's antitrust watchdog, the National Commission of Markets and Competition (CNMC), has initiated an investigation into potential anti-competitive practices involving Italian insurer Generali and Spanish health insurance provider Sanitas. The focus of the probe is a collaborative agreement between the two companies that commenced in January 2023, which is now under scrutiny for potentially violating competition laws. The CNMC is examining whether the agreement includes clauses that could restrict competition, specifically regarding the management of healthcare services for Generali's clients. The probe aims to determine if the insurers have fixed prices and commercial or service conditions, potentially affecting all current and future Generali customers covered by the agreement. The watchdog is also analysing if there are elements within the contract that could limit competition in certain client segments or other markets not directly related to the agreement. After a confidential information phase, 'substantial evidence' suggested potential breach of Article 1 of the Law for the Defence of Competition (LDC) by both companies. The Italian insurer said it was "confident" about the terms of agreement "with the law in terms of competition", adding it remained "at the disposal of the CNMC to provide all the necessary information", reported Reuters. "This is a standard service provision reinsurance agreement in the industry," the company said. Under the ten-year agreement, Sanitas provides Generali's policyholders with access to an medical network including 51,000 professionals, 240 contracted hospitals and more than 4,100 medical centres. Meanwhile, in a separate development, Generali has completed the acquisition of shares in Generali China Insurance Company Limited (GCI), achieving sole ownership of its property and casualty insurance business in China. With all necessary regulatory approvals in place, GCI will now operate under the Generali brand in the Chinese market. Generali Group reported a 5.4% increase in its adjusted net result for the year 2024 to €3.8bn, up from €3.5bn a year ago. "Spain launches antitrust probe into Generali and Sanitas " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
