The National Securities Market Commission (CNMV) will wait for the outcome of the antitrust agency's review of BBVA's hostile bid for Sabadell before deciding on the possible authorization of the takeover bid prospectus, CNMV chairman Rodrigo Buenaventura told reporters Thursday.

In November, the antitrust body said BBVA's takeover bid for Sabadell, valued in April at more than 12 billion euros ($12.64 billion), should undergo a longer Phase 2 review that could extend the process well into 2025, in a deal opposed by the government.

"With the information we have and with the time forecast that is being handled for this type of process, what we consider is that the most appropriate thing to do is for the CNMV to approve the takeover bid once the conditions regarding the business concentration analysis process are known, which is important information for the targets of the bid," Buenaventura said.

Sabadell's management opposes BBVA's bid, but the European Central Bank gave it the green light on Sept. 5.

Under Spanish law, the government cannot prevent a bid from being made, but it has the final say on whether a merger goes ahead.

Legally, the CNMV can approve the takeover bid prospectus without having to wait for the decision of the National Markets and Competition Commission (CNMC), but in that case BBVA would ask Sabadell shareholders to decide whether to accept the offer without knowing all the conditions.

The in-depth review could force BBVA to make further concessions and allow the government to intervene, which could lead to stricter remedies.

(Reporting by Inti Landauro, Jesús Aguado and Emma Pinedo; editing by David Latona; Spanish editing by Javi West Larrañaga)