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10h ago

BBVA Resets Sabadell Bid Terms After Dividend With 1 Share Plus €0.70 for 5.5483

The change reflects an automatic clause triggered by Sabadell’s payout during BBVA’s hostile offer.

Archivo - Fachada del banco del BBVA en la ciudad del BBVA, a 10 de abril de 2023, en Madrid (España).
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Overview

  • BBVA said the adjustment took effect Friday after Sabadell’s €0.07-per-share payment totaling about €370.1 million.
  • The exchange moved from one new BBVA share plus €0.70 for 5.3456 Sabadell shares to one share plus €0.70 for 5.5483.
  • The mechanism was pre-set in the May 2024 OPA and this is the third recalibration after changes in October 2024 and March 2025.
  • Sabadell frames the dividend within a 2025–2027 payout plan of roughly €6.3 billion that includes a €2.5 billion special dividend tied to the TSB sale.
  • Using Friday’s closing prices, Faro de Vigo calculated the revised terms imply a 10.08% negative premium for Sabadell shareholders.