Teresa Ribera, the Vice President of the European Commission and Commissioner for Competition, has chosen a cautious path by not commenting on BBVA's takeover bid for Sabadell. Her approach is rooted in the established protocol that prevents Commission members and their teams from discussing ongoing operations. When directly questioned about the matter, she responded, "If I'm not mistaken, members of the Commission and their services do not comment on ongoing cases."

This reticence contrasts with previous remarks from EU officials who saw no "reasons to justify blocking" the proposed acquisition of the Catalan bank by its Basque counterpart. Although Ribera, who served as Spain's Vice President until recently, refrained from giving a direct answer, she subtly emphasized that not only Commissioners but also their "services" should refrain from commenting.

Her response, tinged with irony, aligned with the typical stance of EU Commissioners and spokespersons, who usually abstain from discussing corporate moves or other types of dossiers when queried. Ribera's words are supported by the Competition regulations themselves, which set thresholds for operations to be addressed by Brussels—thresholds not met individually by BBVA or Sabadell. Consequently, the Spanish authority, the National Commission on Markets and Competition (CNMC), led by Cani Fernández, has taken charge. On the financial regulation front, the European Central Bank made its decision based on a report from the Bank of Spain, with both bodies giving a positive nod, albeit with conditions from the CNMC.

With CNMC's approval in place, albeit with limitations, the Spanish Government now holds the definitive say, despite its reservations about the corporate move. The Ministry of Economy has already elevated the decision to the Council of Ministers after seeking public input, coinciding with Brussels' statement indicating no visible "reasons to justify blocking" the bid.

However, the phrasing isn't technically accurate, as the Government cannot currently block the takeover. It can, though, impose further conditions on BBVA beyond those required by CNMC, which might lead the bank to abandon the deal. This nuance was highlighted by sources advocating for the operation, who urged that the Spanish Government's decision aligns with competent authorities' rulings.

Ribera's stance is consistent with the Commission's typical silence on ongoing corporate activities, a practice not unique to the Spanish scenario but seen in other European operations involving entities like the Italian bank Unicredit. In Italy, Unicredit is attempting to acquire rival BPM—a deal with community dimensions due to its significant German business. Here, the Italian regulator has sought Brussels' deference, while the Italian Government has clearly opposed the move. Unicredit's endeavors to acquire Germany's Commerzbank have also met with Berlin's resistance.

European authorities, when queried about these business maneuvers, consistently emphasize their non-disclosure policy on ongoing operations. However, they generally advocate for larger entities, supporting mergers and acquisitions within the financial sector.