Published by Global Banking & Finance Review®
Posted on December 23, 2024
1 min readLast updated: January 27, 2026
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BBVA has received approval from Mexico's Cofece to acquire Sabadell's Mexican units, a crucial step in its takeover bid. This move is vital as Mexico is BBVA's main profit market.
MADRID (Reuters) - Mexico's competition authority Cofece has given BBVA the green light to take indirect control of the stakes that Sabadell holds in several units in Mexico, BBVA said on Monday.
The authorisation to buy Sabadell Mexico is one of the regulatory approvals the Spanish banking giant has to secure for its hostile takeover bid for its smaller rival Sabadell.
Mexico is BBVA's main market, where it makes around half of its overall profits.
The Mexican authority concluded in its decision that "the notified transaction would have low probability of impacting the competition process and free economic activity", BBVA said in a statement.
BBVA is working on concessions aimed at securing approval for the acquisition of Sabadell after Spain's competition watchdog said last month that its bid, initially valued at 12.28 billion euros ($13 billion), must undergo a longer antitrust review.
(Reporting by Jesús Aguado; editing by Andrei Khalip)
The article discusses BBVA's acquisition of Sabadell's Mexican units, approved by Mexico's competition authority, Cofece.
Mexico is BBVA's main market, contributing around half of its overall profits.
BBVA needs approval from both Mexican and Spanish authorities, with Spain requiring a longer antitrust review.
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