Overview

• BBVA submitted its OPA prospectus to the CNMV on July 8, triggering an acceptance period expected to begin in early August and last up to 70 days.
• Banco Sabadell’s shares climbed above €3 on July 9, reaching their highest level since 2009 and intensifying pressure on BBVA as the bid premium fell 12 percent into negative territory.
• Josep Oliu, Banco Sabadell’s president, warned that shareholders will reject the offer unless BBVA substantially raises its bid price.
• CEO César González-Bueno emphasized that a significantly higher price is required for the takeover to gain shareholder support.
• Investors are set to focus on Sabadell’s Q2 results on July 24, the CNMV’s approval of the prospectus, and August 6 votes on the TSB sale and a special dividend.