Overview

• BBVA formally submitted a revised takeover prospectus to the CNMV, reaffirming its intention to complete a hostile takeover of Banco Sabadell under government-imposed operational independence conditions.
• The bank plans to deploy the €2.5 billion special dividend from Sabadell’s UK unit sale to enhance its hostile takeover bid.
• Banco Sabadell finalized the €3.1 billion sale of its TSB arm to Santander, triggering a board-approved €0.50 per share payout.
• Spain’s competition watchdog and Economy Ministry cleared the bid in late June with multi-year restrictions on asset integration and lending policies to protect market competition.
• Shareholders of both institutions will vote on August 6 on the TSB sale, the special dividend and BBVA’s updated takeover proposal.