Overview

• BBVA’s board approved a €0.32-per-share interim dividend payable on 7 November 2025, with eligibility extended to Sabadell shareholders who swap into BBVA shares if the offer closes.
• Banco Sabadell’s board meets today to consider BBVA’s revised all-share proposal of 1 BBVA share for every 4.8376 Sabadell shares, with its formal view to be communicated to the market later, according to a CNMV filing.
• The public acceptance window for the hostile bid ends on 10 October, and the CNMV plans to publish the result within five business days after the deadline.
• The dividend is 10% higher than BBVA’s 2024 interim and is its largest recent interim payout; at the exchange ratio it equates to roughly €0.065 per Sabadell share versus Sabadell’s €0.07 interim.
• Reporting notes that if BBVA finishes with more than 30% but less than 50% of Sabadell, Spanish rules would require a subsequent cash offer for the remaining shares.