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2h ago

BBVA–Sabadell Takeover Enters Final Days as CNMV Clarifies Second-Bid Decision Rules

Spain's market regulator signaled BBVA would know the required cash-offer price before deciding whether to proceed with a follow-on bid.

El presidente del Sabadell, Josep Oliu, y consejero delegado, César González-Bueno, en la rueda de prensa en que explicaron el rechazo del consejo a la opa del BBVA.
El presidente del Sabadell, Josep Oliu, y el del BBVA, Carlos Torres, hace un año en el Banco de España.
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Overview

  • The acceptance window closes at midnight on October 10, and BBVA needs more than 50% of voting capital to complete its current all-share offer of 1 BBVA share for 4.8376 Sabadell shares.
  • If acceptances fall between 30% and 50%, BBVA can waive the 50% threshold but would be obliged to launch a mandatory cash offer at an 'equitable price', with CNMV set to communicate first-round results next week and a 24-hour decision window for BBVA.
  • A legal dispute continues over how and when to calculate that equitable price; Sabadell argues it should be set after settlement and could be higher than the current terms, while the CNMV has not set a calculation date.
  • BBVA maintains it expects to surpass 50% and says it has €8 billion available to fund any cash offer, as Chairman Carlos Torres adds that any second bid would not be at a higher price than the current one.
  • Sabadell’s board reiterates its recommendation to reject and reports low uptake so far, while key individual investor David Martínez (about 3.86%) says he will tender and denies any agreement with BBVA.