Overview

• Sabadell’s board has rejected BBVA’s sweetened all-share offer during the ongoing acceptance window.
• David Martínez, owner of 3.86% of Sabadell, announced he will tender his stake, a step BBVA deems especially significant.
• BBVA chair Carlos Torres says he expects to exceed 50% ownership, while Sabadell chair Josep Oliu denies the likelihood of an emulation effect among other investors.
• Junts plans to push a Catalan Parliament resolution urging the Spanish government and regulators to withhold final validations and to require support from at least half of Sabadell’s capital.
• Competing narratives sharpen as BBVA promotes a five-year SME credit guarantee and branch-closure pledges, while Sabadell highlights governance uncertainties if control remains below a majority.