Mon. Feb 17th, 2020

The CNMC authorizes the opa of the Six group on BME

The National Commission of Markets and Competition (CNMC) authorized this Thursday in the first phase the public tender offer (opa) of shares of the Swiss group Six on Spanish Bags and Markets (BME), as reported by the agency, which received notification of the operation on November 25.

The body directed by José María Marín Quemada recalls that “the authorization is limited to the control of concentrations, in accordance with the provisions of the Law on the Defense of Competition” over 100% of BME shares by the Swiss group Six.

The CNMC recalls that this step is complementary, since the operation requires other authorizations.


The operation exceeds 2.8 billion euros

The bid launched by the Swiss stock exchange on the Spanish stock market for 2,842 million euros needs to receive a green light from the Spanish Government, as well as two reports from the National Securities Market Commission (CNMV). One to advise the Executive and another, as in any operation, which details that all economic, financial and management objectives are met by the company that launches the offer.

If the operation receives all relevant authorizations, the Six group would become the third largest European stock trader with the acquisition of the Spanish group, behind Euronext and the German stock exchange, Deustche Börse.

A panel of the Madrid Stock Exchange

A panel of the Madrid Stock Exchange
(Eduardo Parra / EP)

This week, the president of the CNMV, Sebastián Albella, described the operation as “a historical and relevant change for the Spanish and European financial system and one of the financial milestones of 2020”.

The CNMC justifies that when operating in different geographical areas there will be no market dominance or a concentration process.

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