Banco Sabadell denounces BBVA to the CNMV

The Catalan bank Banco Sabadell has taken legal measures against the Basque bank BBVA, filing a complaint with the National Securities Market Commission (CNMV) for alleged violations of the current IPO law. According to a statement sent to the regulator on Thursday evening, Sabadell alleges that certain documentation and information provided by BBVA to analysts and at a press conference contains incomplete data that could affect the market.

BBVA under scrutiny for alleged illegal practices

Sabadell's legal action arises in response to BBVA's public announcement of a voluntary public offer to acquire Banco de Sabadell shares. BBVA has been accused of breaching Article 32.1 of Royal Decree 1066/2007, which regulates public takeover bids, by disseminating information not included in the official announcement of the offer and by convening meetings with analysts and investors before the formal presentation of the takeover bid.

Sabadell does not give up on BBVA's challenge

Despite the announcement of BBVA, advised by Uría Menéndez, Banco Sabadell does not consider the battle lost. Legal sources claim that the offer presented by BBVA does not meet the legal requirements and confuses the market. Sabadell's ultimate goal is for the CNMV to invalidate the offer, seeking protection under the regulations governing the dissemination of information during takeover BID processes.

Legal grounds for Sabadell's complaint

Sabadell's complaint is based on Article 32.1 of Royal Decree 1066/2007, which establishes that from the public announcement of a takeover bid, all parties related to the transaction must refrain from disclosing information that is not included in the official announcement of the offer. This legal action highlights the importance of regulatory compliance in financial transactions of this type.