Overview

• With the acceptance window closing on October 10, only about 10% of Sabadell’s capital has publicly indicated a stance on BBVA’s offer.
• La Vanguardia reports roughly 6.39% of capital is seen opposed and about 3.89% in favor, leaving the roughly 40% retail bloc potentially decisive.
• Both banks have lodged complaints to the CNMV, with Sabadell alleging misleading messaging by BBVA and BBVA accusing Sabadell branches of obstructing the exchange process.
• Sabadell’s board warns most small Spain‑resident shareholders who accept could face capital‑gains taxes if BBVA falls short of 50%, while BBVA says it expects to clear that threshold.
• BlackRock disclosed a 7.23% stake without stating its intention, Zurich and Amundi are viewed as opposed, and director David Martínez (around 3.86%) says he will tender into the all‑share offer.