CNMV will analyse competition review before deciding on BBVA bid for Sabadell
MADRID, Oct 8 (Reuters) -Spain's stock market supervisor will analyse how the competition review of BBVA's BBVA.MC takeover bid for smaller rival Sabadell SABE.MC evolves before deciding on the timing of the prospectus' potential approval and the start of the acceptance period, its head said on Tuesday.
The chief of the supervisor CNMV, Rodrigo Buenaventura, was asked by lawmakers on a lower house committee about the timeline for BBVA's around 12 billion euro ($13.18 billion) bid for Sabadell.
The lender's bid was met by opposition from the Spanish government but was given the green light by the European Central Bank on Sept. 5.
Under Spanish law, the government cannot stop the takeover bid but has the final word on allowing a merger between the two entities. The acquisition must also be authorised by the CNMV and the antitrust watchdog, CNMC.
($1 = 0.9107 euros)
Reporting by Jesús Aguado; Editing by David Latona
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