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BBVA’s Hostile Bid for Sabadell Fails After 25.33% Acceptance as CNMV Declares It Void

The shortfall below 30% shuts off any mandatory second cash offer.

Overview

  • Spain’s market supervisor confirmed acceptances at 25.33% of Sabadell’s share capital and 25.47% of voting rights, which nullifies the offer under its stated conditions.
  • Because support stayed under the 30% threshold, BBVA is barred from launching a mandatory follow-up cash offer that would have applied between 30% and 50%.
  • The outcome preserves Banco Sabadell’s independence and leaves BBVA holding a sizable minority stake.
  • The result ran counter to widespread expectations of a 30%–50% tally and makes the dispute over how to set an “equitable” second-offer price irrelevant.
  • Sabadell had flagged strong retail resistance, disclosing 1.1% acceptances and 29.7% rejections among client-held shares, as national and regional authorities tracked competition implications.