Overview

• BBVA now offers 1 newly issued BBVA share for every 4.8376 Sabadell shares, replacing the prior mix of 1 share plus €0.70 cash for 5.5483 shares.
• BBVA told the CNMV it renounces any further price increases or extensions to the acceptance window under the revised terms.
• The acceptance period is suspended while the CNMV reviews the amended prospectus, a process the regulator indicates can take up to three days.
• With the consideration entirely in shares, BBVA says the exchange would be tax‑neutral in Spain for holders with gains if acceptances exceed 50% of Sabadell’s voting rights.
• Sabadell’s leaders remain skeptical and report negligible retail take‑up so far, and a 30%–50% partial outcome would legally force a second, cash offer with the CNMV empowered to set an equitable price.