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4h ago

BBVA–Sabadell Takeover Bid Reaches Deadline as Both Sides Make Late Push

The CNMV will publish the acceptance tally on 17 October, a figure that will determine whether BBVA gains control or faces a mandatory cash offer.

Sedes del BBVA y el Sabadell en Madrid y Barcelona.
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Vista de los carteles de una oficina del Banco Sabadell junto a otra del BBVA.
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Overview

  • The acceptance window closes at midnight from Friday to Saturday, with BBVA keeping 60 branches open until 21:00 and a dedicated phone line active until midnight to process late tenders.
  • BBVA executives say they expect to surpass 50% acceptance, while Sabadell’s leadership contends even 30% is unlikely, as the bank chiefs traded barbs in back‑to‑back radio interviews.
  • Sabadell shares were the most traded on Spain’s market on the final day, with elevated volumes and modest declines, and the current swap terms value Sabadell at roughly €3.30–€3.38 per share, about a 3% premium.
  • Declared positions include investor David Martínez opting in (around 3.5%–3.9%) and Zurich abstaining (~4.95%), while BlackRock’s active funds (~0.5%) plan to accept and passive index holders (~20%) remain pivotal.
  • If first‑round acceptance lands between 30% and 50%, Spanish rules could force a second, cash OPA, and the CNMV has cautioned against speculative claims before releasing official figures on 17 October.