Overview

• BBVA’s SEC filing shows the deal would now generate goodwill rather than the previously expected badwill, reflecting Sabadell’s share-price surge.
• Carlos Torres says BBVA does not intend to improve the bid and identifies Sept. 24, under U.S. rules, as the last day a higher price could be tabled.
• Sabadell shares continue to trade about 9% above BBVA’s terms, indicating investor bets on a potential sweetener despite BBVA’s stance.
• Sabadell’s CEO, César González‑Bueno, says he considers an improved proposal likely, contrasting with BBVA’s repeated denials.
• The CNMV‑approved acceptance window is open through Oct. 7, and government conditions require Sabadell’s legal and management autonomy for three years after any transaction.