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5h ago

BBVA–Sabadell Tender Reaches Final Hours With Shareholder Deadline at Midnight

Spain’s CNMV will publish the official acceptance tally on October 17, with pricing guidance if a cash follow‑up bid applies.

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

  • BBVA kept about 60 branches open until 21:00 and set up a phone line to accept last‑minute instructions before the window closes at midnight.
  • The bidder says it expects to clear 50% support, while Sabadell projects acceptance near or below 30%, underscoring a sharp split in guidance to investors.
  • Sabadell shares were the most traded in Spain on the deadline day, slipping about 1% intraday, with the offer implying roughly a 2.6% premium based on the stated exchange ratio.
  • Investor positions remain pivotal, with David Martínez signalling acceptance for his 3.86% stake and Zurich saying it will not tender roughly 4.95%.
  • If the acceptance lands between 30% and 50% and BBVA opts to lower its threshold, rules would force a second cash offer at an equitable price to be defined by the regulator next week.