Overview

• The acceptance period has closed and both banks await the CNMV's official tally on Friday, which will determine whether BBVA secures control or must pursue further steps.
• BBVA says it expects 50% to 60% acceptance supported by active funds and investor David Martínez, while Sabadell argues the offer may struggle to reach even 30%.
• Zurich stated it would not tender its shares, contrasting with Martínez, who publicly signaled support for the offer.
• BBVA extended opening hours at 60 branches before the deadline to facilitate last-minute exchanges by Sabadell shareholders.
• BBVA has flagged an integration committee and the potential retention of key Sabadell executives under a government requirement for functional independence for three to five years, with CEO César González-Bueno seen as unlikely to stay if the bid succeeds.