Overview
- Each side has reported the other to Spain’s CNMV after ‘mystery shopping’ exercises, with Sabadell alleging misleading or incomplete tax information at BBVA and BBVA alleging obstacles to acceptances in Sabadell branches.
- Only about 10% of Sabadell’s capital has publicly declared a position with one week left, leaving roughly 200,000 retail investors holding around 40% of shares as the decisive bloc.
- Sabadell warns that if BBVA fails to exceed 50% and lowers the minimum acceptance to 30%, a mandatory cash offer would follow and an estimated 96.8% of Spanish retail holders who accepted the first canje could face capital‑gains taxes.
- BBVA says it expects to surpass 50% and has invited Sabadell shareholders to complete the exchange at BBVA branches at no cost, countering Sabadell’s claims and urging immediate acceptance.
- The improved all‑share offer stands at 1 BBVA share for every 4.8376 Sabadell shares, while major holders remain largely undeclared, including BlackRock, which disclosed a 7.23% stake in Sabadell.