Latest news with #legalsteps
Yahoo
4 days ago
- Business
- Yahoo
European Commission challenges Spain's BBVA-Sabadell merger block
The European Commission (EC) has taken legal steps against Spain, challenging its decision to block the BBVA and Banco Sabadell merger. According to the EC, Spain's actions contravene European Union rules, potentially impacting the region's banking consolidation efforts. The EC has sent a formal notice to Spain, demanding a review of its decision to impose a three-year moratorium on the BBVA-Sabadell merger. In a statement, the EC said it 'considers that certain provisions in the Spanish banking law and in the Spanish competition law, which grant the Spanish government unrestricted powers to intervene in mergers and acquisitions of banks, impinge on the exclusive competences of the European Central Bank and national supervisors under the EU banking Regulations'. The executive branch of the bloc went on to say that it also 'considers that those broad discretionary powers constitute unjustified restrictions to the freedom of establishment and of capital movements'. Spain's economy minister Carlos Cuerpo, as reported by Reuters, said the country's regulations are in line with those in Europe and that the infringement procedure will not affect the cabinet's decision. "These are two parallel we hope that in the end our legal and technical position will prevail, namely that these two regulations are perfectly aligned and that the government's actions have been entirely appropriate," Cuerpo was quoted as saying. Under Spanish law, while the government cannot prevent BBVA from purchasing Sabadell's shares, it retains the authority to decide on the merger's progression. Despite the conditions, BBVA has decided to proceed with its €13bn ($15.11bn) acquisition bid, with the deal currently awaiting approval from Spain's stock market supervisor. Spain now has two months to respond to the Commission's concerns. If the response is unsatisfactory, Brussels may issue a reasoned opinion and could eventually refer the case to the Court of Justice of the European Union. Euro zone banking supervisors have advocated for banking consolidation to bolster the sector, though such deals have been limited due to political efforts to safeguard jobs and domestic banks. The Commission said: 'Consolidations in the banking sector benefit the EU economy as a whole and are essential for the achievement of the Banking Union. These mergers also ensure that capital is allocated efficiently across the EU and that citizens and businesses have access to financial products at competitive prices – a key objective of the Savings and Investments Union.' Both BBVA and Sabadell have declined to comment on the EC's legal action. "European Commission challenges Spain's BBVA-Sabadell merger block " 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.
Daily Mail
5 days ago
- Entertainment
- Daily Mail
Hugh Hefner's widow makes shock decision eight YEARS after the controversial Playboy founder's death
Crystal Hefner, the widow of Playboy founder Hugh Hefner, has officially taken legal steps to change her name, nearly eight years after her husband's death. On June 13, 2025, she filed a petition in Los Angeles Superior Court to revert to her maiden name, Crystal Margaret Harris. The filing, which was reviewed by People, indicates that she is seeking to resume the name she held before her marriage to Hugh Hefner. No court hearing date was listed in the petition, but under California law, a legal name change typically requires public notice and a formal hearing before it can be finalized. A lawyer representing Crystal declined to comment on the matter when approached by the outlet. Daily Mail has also reached out to Crystal's rep. Crystal, now 39, was married to Hugh Hefner from 2012 until his death in 2017. In the years that followed, she continued to use the Hefner name in public, but recent actions suggest a clear shift toward redefining her personal identity. Before marrying Hefner, Crystal gained recognition as a Playboy model and television personality under her birth name. Since his passing, she has gradually stepped away from the spotlight to focus on a more private life centered around personal growth and healing. In previous interviews, Crystal discussed the emotional challenges she faced during her time in the Playboy world and her journey toward self-discovery. Speaking with NPR in January 2024, she recalled struggling with her identity after leaving the Playboy Mansion, describing the process as 'depressing and sad,' but ultimately empowering. 'I feel like I'm finally reclaiming myself and my power,' she said during the interview. Crystal also shared that she purchased a farm in Hawaii, where she now enjoys a peaceful lifestyle focused on nature, simplicity, and freedom. She expressed a desire to eventually marry again and start a family. 'I do hope to get married one day and have children,' she said to NPR. In April 2024, Crystal became engaged to James Ward, who proposed at her Hawaii home with a six-carat, vintage mine-cut diamond ring. The couple began dating earlier that year after being introduced by mutual friends. It is not clear if she will change her name again to become Crystal Ward following the nuptials. The same year as her engagement, Crystal released her memoir Only Say Good Things: Surviving Playboy and Finding Myself. In her memoir, she detailed traumas she faced in the Playboy mansion including having a 6pm curfew, witnessing Hugh's alleged opiate addiction, and having to 'beg' for an allowance.
