The EU Commission clears an acquisition in the baking sector through a division of assets (Catalunya Banc / BBVA)

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Privatisation by Splitting the Assets* The sale of a public undertaking [privatisation] needs to be preceded by independent valuation and be carried out on the basis of a competitive procedure. Certain guarantees may be provided to prospective buyers, if they could increase the sale price. The break-up of an undertaking and the disposal of the different parts through separate sales should be shown to generate more revenue than a single sale. Introduction This article reviews Commission decision SA.39402 concerning the sale of Catalunya Banc to BBVA.[1] As a result of the financial crisis, Spain established in 2010 “Fondo de Reestructuración Ordenada Bancaria” [FROB] whose purpose was to provide public support for the consolidation of the Spanish banking sector. To ensure that the

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