The Spanish Competition Authority approves an acquisition subject to remedies regarding crossed-minority stakes in competitors (CaixaBank and Banco de Valencia)

On December 14, 2012, CaixaBank S.A. (“CaixaBank”) notified the National Competition Commission (“CNC”) of the acquisition of sole control of Banco de Valencia, S.A. (“Banco de Valencia”). The transaction involved two credit entities active mainly in the retail bank market in Spain. On February 28, 2013, the CNC cleared the transaction in Phase I, subject to remedies not related to the retail bank market in Spain (where, according to the CNC, the transaction did not hinder competition) but to the stakes held by the resulting entity in Sociedad General de Aguas de Barcelona, S.A. (“AGBAR”) and in Aguas de Valencia, S.A.

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Pablo Lavandeira, Laura Pinilla Villalba, The Spanish Competition Authority approves an acquisition subject to remedies regarding crossed-minority stakes in competitors (CaixaBank and Banco de Valencia), 28 February 2013, e-Competitions Bulletin Financial services, Art. N° 57367

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