The Spanish National Securities Market Commission (CNMV) has announced that it will not approve the prospectus for BBVA's hostile takeover bid (OPA) of Banco Sabadell until the National Markets and Competition Commission (CNMC) issues its verdict on the matter. This decision comes amidst ongoing tensions between the two banks, with Sabadell recently securing a public contract previously held by BBVA. Additionally, the Spanish government may intervene in the OPA citing national security or public health reasons, and the Gremi de Fabricants de Sabadell has formally joined the proceedings related to the takeover.