Overview

• BBVA’s all-share offer closes on October 10, and only about 10% of Sabadell’s capital has publicly signaled a position so far.
• Sabadell’s board recommends rejection and warns that about 96.8% of small Spanish holders could face taxes if BBVA ends below 50% and a mandatory cash bid follows after lowering the threshold.
• BBVA says it expects to exceed 50% and alleges Sabadell branches obstruct acceptances, inviting investors to complete the process at BBVA offices at no cost.
• Sabadell’s mystery-shopping claims report BBVA staff downplayed tax implications and, in some cases, said firms such as BlackRock or Zurich had accepted, which is not confirmed.
• Large investors are pivotal, with BlackRock disclosing a 7.23% stake in Sabadell and market reports pointing to Zurich and Amundi as opposed, while director David Martínez intends to tender.