Overview

• Shareholders have until 7 October to accept an offer of 1 new BBVA share plus €0.70 for every 5.5483 Sabadell shares, with results due 14 October and settlement targeted for 17–20 October.
• BBVA set a 50.01% minimum acceptance but can cut the threshold to 30%, a move that would trigger a follow‑on mandatory cash bid under Spanish rules.
• Sabadell’s CEO said he expects a higher price before the window closes, while BBVA chair Carlos Torres reiterated the terms are definitive and not being raised.
• The bid currently implies an 8%–9% negative premium versus market prices, and several brokerages say acceptance will be difficult unless the price improves, though BBVA can amend terms up to five business days before the deadline.
• Both sides have activated letters, roadshows, call centers and events to reach a fragmented base, with Sabadell’s board opinion due 18 September, and the deal shaped by CNMC service and branch commitments, a three‑to‑five‑year integration block, €900 million in projected synergies over four years, €1.45 billion in restructuring costs, and a €2.5 billion special dividend tied to the TSB sale.