October 24, 2020

The board of Liberbank goes ahead with the merger with Unicaja until Abanca makes its takeover | Economy

The board of Liberbank goes ahead with the merger with Unicaja until Abanca makes its takeover | Economy



Liberbank's advice is not going to make things easy for Abanca, who last Friday broke into the merger operation of the Asturians with Unicaja. During the morning of this Monday, February 25, the National Securities Market Commission (CNMV) issued a statement in which it granted 10 days to the Galician entity Abanca to decide if it finally submits an OPA for Liberbank, as he announced last Friday, or discard it. The stock exchange supervisor ordered Abanca to review some aspects of its offer, presented last Friday, as the fact of conditioning it to a process of reviewing the accounts, a question that the CNMV considers "not admissible."

Hours later, at 17.04 hours, Liberbank continued the soap opera with another statement. He said that after the information published by Abanca on Friday, February 22 and the CNMV's request, "the Board of Directors of the Company, unanimously, confirms that it continues working on the strategic operation communicated through December 12, 2018 ", in reference to the merger with Unicaja.

However, the relevant nuance arrives next, which allows shareholders freedom of action. "All this without prejudice to the fact that in the event that the" takeover bid "is formulated and, if appropriate, that the CNMV authorizes a public takeover bid on the shares of the Company, the Board of Directors will decide on the at the time and with the scope and guarantees "provided by the law of opas of 2007," always in the best interest of all shareholders ".

Finally, the board clarifies that "in any case, the company is fully committed to fulfilling its objectives communicated to the market, in line with what has been done to date," ie, its merger with Unicaja.

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