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Yahoo
26-06-2025
- Business
- Yahoo
BBVA-Sabadell merger faces at least three-year integration delay
BBVA's acquisition of Sabadell faces a significant delay, as the Spanish government has mandated atleast three-year wait period before the two entities can integrate their operations. This condition is part of the government's approval of BBVA's hostile bid for the smaller rival, potentially impacting BBVA's expansion plans, reported Reuters. The Spanish government, aiming to protect jobs and maintain financial stability, has stipulated that BBVA and Sabadell must remain separate legal entities with independent management for at least three years. Spanish Economy Minister Carlos Cuerpo stated, "The government has authorised the BBVA and Sabadell deal on the condition that, for the next three years, they remain separate legal entities and maintain separate assets, as well as preserve autonomy in the management of their activities." Cuerpo further emphasised the government's focus on safeguarding workers, companies, and financial customers. After the initial three-year period, the government may extend these conditions for an additional two years. Sabadell has expressed its intention to remain independent, with the company spokesperson noting BBVA must assess the impact of these conditions on expected synergies. Spain's antitrust watchdog has cleared the deal, now reportedly valued at €14bn ($16.23bn), focusing on competition aspects. However, the Spanish government has imposed conditions due to concerns over potential job losses, despite the European Union urging Madrid to respect the antitrust decision. Last month, European Commission warned the Spanish government against imposing undue obstacles to BBVA's hostile takeover bid for Banco Sabadell, stating that Madrid does not have the authority to block the deal on discretionary grounds. Cuerpo clarified that the conditions do not block the transaction, leaving the decision to proceed with BBVA and Sabadell shareholders. Under Spanish law, while the government cannot prevent BBVA from purchasing Sabadell's shares, it holds the authority to approve or deny the merger at a later stage. The new entity will be eligible to seek merger approval once the imposed conditions are fulfilled. "BBVA-Sabadell merger faces at least three-year integration delay" was originally created and published by Retail Banker 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. Sign in to access your portfolio
The Guardian
24-06-2025
- Business
- The Guardian
How did Spain come to be the only nation holding firm on its aid spending?
Spain swims against the tide. At a time when much of Europe is grappling with economic crises, caving in to populist anti-aid narratives and slashing development budgets, the country is increasing its financial support for the global south. Instead of planning future aid cuts, Spain has put ambitious goals for 2030 into law. Moreover, at a time when much of the world is looking inward and retreating from multilateralism, Spain will host a UN summit in Seville this month, the first of its kind in the global north. Dozens of heads of government, state and multilateral organisations will discuss how to finance development in a post-aid world, suffocated by military spending and unpayable debt in dozens of countries, particularly those in Africa. For the Spanish government, the forthcoming Seville summit is a clear political statement. By promoting multilateralism and international cooperation – while increasing development aid – Spain has become an outlier in the new world disorder. After all, the Trump administration is not alone in slashing development aid. The UK, France and Germany, among others, have jumped on the aid-cutting bandwagon. According to OECD figures, official development assistance dropped by 7.1% globally in 2024, with the European Union cutting aid by 8.6%. And the OECD warns that this marks just the beginning of a broader downward trend; projections suggest that 2025 could see the largest aid cut in history. In sharp contrast, Spain increased its foreign aid by 12%, according to the foreign ministry last year, and has committed to reaching the longstanding target of allocating 0.7% of its gross domestic product by 2030. It is worth noting that, despite these pledges, Spain is not at present particularly generous. Development aid accounts for just 0.25% of GDP, which is less than the 0.33% OECD average. This means not only that Spain has a long way to go to meet the 0.7% commitment, but also that the government's pro-aid rhetoric is only partly backed up by euros and dollars. Moreover, part of that aid – as in other donor countries – is dedicated to hosting refugees in Spain. At a time when international solidarity is crumbling, however, Spain's political commitment and vocal support for aid matters all the same. So how did we get here, and what makes Spain (alongside a few other countries such as Portugal or Italy) the Asterix's Gaulish village of aid? And more importantly, are there lessons here for other countries? International cooperation has traditionally been a matter of national consensus in Spain. Solidarity with those beyond its borders is woven into the country's identity – rooted, perhaps, in its own historical memory of underdevelopment. Like Ireland and South Korea – countries also defending aid – Spain became rich after having been poor. Spain's post-civil war suffering and relative poverty until recent decades make it easier for Spaniards to empathise with hardship abroad. The country's own development, too, was aided by external support. More recently, European cohesion funds, in particular, played a crucial role. Spain continues to look to Europe with a sense of gratitude and trust. During the Franco dictatorship, Europe was seen as both a lifeline and a beacon of freedoms. Isolationism is not part of the national sentiment. Support for aid has traditionally united parties across the political spectrum, from the left and the right to the regional independents. The new Cooperation Law, passed in 2023, received backing from every party in parliament – except the far-right Vox. Beyond institutional politics, foreign aid also enjoys strong support among the Spanish public. Last year, Spain was the world's largest private donor to the UN's refugee agency, UNHCR, in absolute terms, which is remarkable for a medium-sized country. Sign up to Global Dispatch Get a different world view with a roundup of the best news, features and pictures, curated by our global development team after newsletter promotion Another reason for this enduring support lies in the influence of Spain's traditional, often Catholic, conservative base. Many of these communities have long defended solidarity and social justice as core Christian principles. And while the far right is growing in Spain, its influence remains limited compared with Reform UK, France's National Rally (RN, formerly the National Front), or Germany's Alternative für Deutschland (AfD). On aid policy specifically, Vox has so far failed to drag Spain's traditional conservative People's party further to the right. There is a more pragmatic factor that should not be underestimated. While the economies of major donor countries are struggling, Spain continues to grow. While the European Commission forecasts just 0.9% growth for the eurozone, Spain is expected to grow at a much healthier 2.6%. These figures matter – but don't tell the whole story. Beneath the surface lies growing inequality, the kind that has fuelled anger and driven millions of disaffected voters into the arms of populist protest parties in other countries. Yet Spain continues to champion development cooperation – alongside feminism, climate action, giving legal status to migrants and diversity policies – placing itself at odds with the culture war agenda. With its progressive stand, Spain tries to position itself as a bridge between the global south and the north – a role in which it holds a degree of some credibility, particularly in light of its outspoken support for Palestinians in Gaza. But there are signs pointing out that a shift might also happen in Spain. The traditional social cohesion, which united Spaniards despite party politics, is cracking at an alarming rate. Society is increasingly polarised and fragile. So far, changes in government have not led to major shifts in international cooperation policy, but it would be unwise to underestimate the speed of change elsewhere. In regions where Vox holds or held power along with the traditional right, such as Aragón and Valencia, demands for budget cuts have emerged. On social media, political rivals shout at each other and shamelessly manufacture fake news. We saw it during the recent floods in Valencia, where the traditional right spread xenophobic messages alleging the government cared more about victims in Gaza than those closer to home. Meanwhile, political instability in Spain is growing ever more evident in the aftermath of corruption scandals involving the ruling Socialist party. If there were to be early elections, a new approach to aid could gain traction. Those who believe Spanish social solidarity is too deeply rooted to turn back should perhaps look at the US, Trump's arrival and the dismantling of USAID. Ana Carbajosa is editor-in-chief of Planeta Futuro, the development section of El País
Bloomberg
24-06-2025
- Business
- Bloomberg
Spain to Add Hurdles to BBVA's Sabadell Bid, Vanguardia Says
Spain's government is set to impose additional conditions on BBVA SA 's planned takeover of Banco Sabadell SA, Vanguardia reported, in a further setback for the €14 billion ($16 billion) deal more than a year after it was first proposed. The measures will affect credit policies and consumer rights, among other things, the newspaper reported, citing unidentified people familiar with the matter. The conditions will also impact Sabadell's management continuity and employment, Vanguardia said.
The Independent
19-06-2025
- Business
- The Independent
Spanish judge rejects Airbnb appeal in order that changed country's tourism
A Spanish court rejected an appeal by Airbnb, upholding an order to block nearly 66,000 rental listings in the country. The government stated that the blocked listings violate local rules and contribute to Spain's housing crunch. The Consumer Rights Ministry had previously flagged the listings for issues such as missing license numbers or incorrect owner information. Spanish ministers emphasized that the tourism sector must not jeopardize the constitutional rights of the Spanish people, including their right to housing. The decision is part of the government's broader effort to address the unwanted side effects of mass tourism.
Reuters
19-06-2025
- Business
- Reuters
Spain's watchdog reviews grid voltage control rules
MADRID, June 19 (Reuters) - Spanish competition and energy watchdog said on Thursday it has updated the rules establishing power grid voltage control obligations for power plants to expand the role played by renewables plants. The review has long been in the making and its approval is one of the measures the Spanish government recommended in its report on the causes of the massive blackout across Spain and Portugal on April 28. The government probe said that a surge in voltage was the immediate cause of the outage. The updated rules, most of which are 25 years old, introduce new requirements for renewable plants like solar and wind when it comes to voltage control mechanisms. That means that these plants will be able to offer voltage control services that until now only conventional power plants - thermal power plants using coal, gas and nuclear - and hydraulic generation could offer. Until now, when grid operator REE calculated the power mix for the following day, it could only call on conventional power plants to offer the bulk of voltage control capabilities. The new framework gives "homogeneous treatment to the service provided by both renewable energy facilities and the rest of the generation facilities," the authority said in a statement. The review was approved last week, it said, and comes as the blame game over the blackout has intensified after discrepancies in probes carried out by the Spanish government and the country's grid operator. While the former point to both the grid operator - for miscalculating the correct mix of energy that day - and power generators - for some conventional power plants failing to help maintain an appropriate voltage level in the power system, the latter put the fault squarely on power plants. The update was developed following a proposal by the grid operator in 2021.
