Overview
- Spain’s securities regulator is due to publish the official acceptance result on 17 October, which will determine the next steps in the bid.
- If BBVA lands between 30% and 50%, Spanish rules would require a mandatory second offer in cash, with the CNMV defining the criteria to convert the share swap into an equitable euro price.
- Sabadell says only 2.8% of shareholders with shares deposited at the bank accepted the offer, equal to 1.1% of total capital, indicating very low retail participation.
- BBVA extended opening hours at 60 branches to capture late tenders and has signalled plans to include Sabadell executives in integration committees if it secures control.
- Public investor positions diverge, with David Martínez (about 4%) saying he would tender and Zurich (about 5%) stating it would not.