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Spanish competition authority gives green light to SIX-BME deal

Espagne
On the 02/14/20 at 7:42AM

by

Adrien Paredes-Vanheule

The CNMC says the transaction does not pose a risk for competition in the sector in Spain.

Swiss stock exchange operator SIX has been granted a first authorisation for its takeover bid formalised last November on Spanish peer Bolsas y Mercados Españoles (BME). Spain's competition authority has given its go-ahead for the full acquisition of BME by SIX on 13 February. The CNMC sees no threat to competition rules that are effective in Spain. 

"SIX's activity on markets of the European Economic Area (EEA), whose Switzerland is not a member, is conditioned to financial regulation specificities. Its presence in the EEA remains limited and marginal in Spain. SIX and BME are essentially local market operators in their respective home countries," said the CNMC in a statement.

The Spanish competition authority has concluded that the addition of market shares from BME and SIX will be "very modest" in Spain as well as in Europe, given they operate in very different geographical zones.

SIX's public offering for BME is subject to other approvals, including that of the Spanish government whose decision shall not be expected before May.

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