Overview

• BBVA has submitted an updated takeover prospectus to the CNMV reflecting government-imposed independence conditions and potential TSB sale outcomes
• The CNMV aims to approve the document before the end of July, ideally ahead of Sabadell’s August 6 extraordinary shareholder meeting
• The statutory exchange period is set to open in July and extend into September under rules requiring a minimum 30-day and maximum 70-day acceptance window
• BBVA is weighing an appeal to the Supreme Court to challenge the Spanish government’s requirement that both banks remain operationally independent for at least three years
• Sabadell has agreed to sell its British arm TSB to Santander for about €3.1 billion and to distribute a €0.50-per-share dividend to influence shareholders