Overview

• The Spanish government is reviewing public consultation responses to determine whether to impose conditions or escalate BBVA's takeover bid for Banco Sabadell to the Council of Ministers.
• Catalan leaders, including Salvador Illa, have intensified opposition, citing risks to regional cohesion and small business financing in Catalonia.
• BBVA's offer values Sabadell at €2.52 per share, combining a share exchange and cash payment, though analysts suggest concessions may be needed to secure government approval.
• Market confidence in the deal remains strong, with BBVA shares rising nearly 4% after the competition authority approved the bid on April 30, 2025.
• Shareholder acceptance is uncertain, with analysts highlighting challenges due to Sabadell's retail-heavy investor base and potential government-imposed conditions affecting deal synergies.