Competition gives light to see Six Bid on BME

The National Commission of Markets and Competition (CNMC) has given the green light to the Public Procurement Offer (takeover bid) that the Swiss Six has done about Spanish Bags and Markets (BME).

"The CNMC He believes that the operation cannot be expected to pose a threat to competition in the markets analyzed. Consequently, it has authorized the operation for the purpose of concentration control », the document issued this Thursday.

The authorization by the CNMC The acquisition of 100% of BME shares by Six is ​​limited to the control of concentrations in accordance with the provisions of the Law on the Defense of Competition.

In this way, the body chaired by José María Marín Quemada Remember that this step is complementary, but alien to the other regulatory authorizations that may be mandatory for the takeover bid.

Specifically, the parts of the authorized operation are essentially those related to its activity as providers of financial market infrastructure services.

The product markets in which both operators operate are defined according to each type of financial instrument and differentiating depending on the phase of the value chain in which the services are offered.

The CNMC It justifies the operation given that Six's activity in the markets of the European Economic Area, of which Switzerland is not part, is conditioned by the particularities of financial regulation. «His presence in the European Economic Area it is limited and in marginal Spain, ”he says.

The addition of market shares resulting from the operation in Spain and in Europe would be "very modest", to the extent that each operator carries out its activity in essentially different geographical areas.

It also considers that the reinforcement of the vertical integration resulting from the operation, taking Spain and the European Economic Area as a reference, would also be "very limited".

After receiving ‘green light’ from the CNMC, the OPA still requires the authorization of the Government of Spain, which will be pronounced "even before May," as explained yesterday by the president of the National Securities Market Commission (CNMV), Sebastián Albella.

This body is in the process of preparing the report prior to said government authorization, which is "at a good pace", although Albella He recalled that "these things take time."

In addition to the CNMC, the Government and the CNMV, other authorities that will have to rule on this operation will be the Swiss regulator and the autonomous communities that have competition in the exchanges.