The National Commission of the Markets and Values (CNMV) has 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. In a request, the stock exchange supervisor ordered the Galician entity 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."
The Galician entity has published on Monday the requirement that has made the CNMV: "the subjection to certain actions of review or verification, would not be admissible in an announced bid".
In the aforementioned requirement, the CNMV requests Abanca that in the event that it finally decides to launch a takeover bid, it does so in accordance with the terms provided in the Royal Decree of takeover bids ", correcting those aspects of the information published on the afternoon of last Friday February 22, which prevent it from being considered a Public Offer of Acquisition and, in particular, eliminating any reference to the fact that the OPA is subject to a review process, adds the CNMV.
Abanca issued a relevant event to the CNMV at around 7:00 pm on Friday in which it confirmed the negotiations with shareholders of Liberbank and that it has "the firm interest in promoting a corporate operation". The price would be 0.56 euros per share, which is a premium of 42% on the closing of the Liberbank securities last Thursday. The market regulator suspended Liberbank, after learning that Abanca was studying a possible takeover bid. Minutes later, the Asturian bank said that it knew nothing of this operation and that it maintained its plans of fusion with Unicaja, in which he has been working for three months.
The entity controlled by Venezuelan banker Juan Carlos Escotet clarified in his statement last Friday that it will be necessary to confirm "certain aspects related to Liberbank and its group." They also point out that the review process would begin "immediately and we would be in a position to finalize it within a period of no more than three weeks since the corresponding information was provided to us and without this entailing any disruption in the Liberbank business."
In the requirement published this Monday, the banking supervisor ordered the Galician financial institution to "within a non-extendable period of ten working days from receipt of this request, manifest through a new Relevant Fact its decision or not to formulate a takeover bid in the terms provided in the RD of tenders, and therefore, including only admissible conditions in accordance with article 13.2 of the aforementioned RD of tenders ".