The Spanish government's intervention is complicating BBVA's takeover bid (OPA) for Banco Sabadell. Following a week-long public consultation initiated by the government, the process has faced delays and increased scrutiny. The National Commission on Markets and Competition (CNMC) has stated that it listened to all parties involved and considers BBVA's commitments in the OPA to be adequate and sufficient. Despite this, the government has encouraged Banco Sabadell's management to explore alternative mergers, with Abanca suggested as a potential partner, though this option appears unfeasible. Market experts anticipate that BBVA may need to raise its offer price to succeed in the takeover, as the bank has so far denied plans to do so. Banco Sabadell would require shareholder approval to pursue any counter-merger to block BBVA's bid. Carlos Torres, BBVA's chairman, has defended the OPA as a critical project for European banking and emphasized the role of independent institutions in ensuring a rigorous process. Analysts warn that a BBVA-Sabadell merger could increase systemic risk by creating an institution too large to fail. The situation remains fluid as stakeholders await further developments.