BBVA Hires Deloitte to Prepare Banco Sabadell Integration Amid Hostile Takeover Bid; CNMC Near Approval

BBVA has engaged Deloitte to prepare for the integration of Banco Sabadell, signaling confidence in the success of its hostile takeover bid for the Catalan bank. The move comes amid concerns from Pimec, which has urged Spain's National Commission on Markets and Competition (CNMC) to reject the takeover, citing threats to the banking system. Despite opposition, the CNMC is reportedly close to approving the bid. Market reactions include Wall Street pricing in a risk premium of 1 euro per share for the offer. The takeover battle has extended into the small and medium-sized enterprise (SME) insurance market, with BBVA and Sabadell competing through partnerships with Allianz and Zurich. Meanwhile, Banco Sabadell is adjusting its strategic plan in response to escalating tariffs during the takeover process. Additionally, unrelated to the BBVA-Sabadell deal, Brazil's competition authority has approved Indra's acquisition of Hispasat without conditions.