Overview

• Regulators approved the operation, with the competition authority setting tougher conditions than expected.
• Spain’s prime minister and Catalonia’s regional leader opposed the transaction on competition and regional impact grounds, signaling political resistance.
• Sabadell’s move to restore its registered office to Catalonia helped rally retail shareholders, while funds holding roughly 60% judged the valuation insufficient.
• BBVA lifted its offer by 10% late in the process and director David Martínez endorsed it, yet institutional investors largely refused to tender.
• Sabadell chair Josep Oliu led an expansive outreach effort, Santander’s TSB purchase supported higher dividends that complicated the bid, and talk of a later cash offer remained unconfirmed.