Overview
- On July 24, Sabadell unveiled its 2025–2027 plan offering €6.3 billion in dividends and share buybacks to steer investors away from BBVA’s hostile bid
- The roadmap includes €3.8 billion in ordinary dividends and a €2.5 billion extraordinary cash payout contingent on shareholder approval of the TSB sale to Santander
- Sabadell’s shares have climbed 112% since April 2024, closing at €2.94 ahead of the plan presentation and trading above BBVA’s offer price
- Analysts from JB Capital, Exane and others have raised target prices toward €4, creating a growing negative premium that pressures BBVA to improve or withdraw its bid
- Spain’s Ministry of Economy has barred any merger between systemically important banks for three years, keeping BBVA’s takeover attempt on hold