Overview

• Spain’s market supervisor authorized BBVA’s revised takeover terms and pushed the acceptance window to October 10.
• BBVA now offers one newly issued BBVA share for every 4.8376 Sabadell shares, a 10% enhancement versus the prior mixed cash‑and‑stock proposal.
• Tax neutrality for Sabadell investors would apply only if BBVA secures more than 50% of voting rights after settlement, according to the updated filing.
• If BBVA lands between 30% and 50%, Spanish rules allow lowering the threshold to 30% but require a follow‑on mandatory offer within a month at an equitably set price that the CNMV can adjust.
• BBVA says a second offer is not planned, as Sabadell’s leaders urge investors to wait and Junts urges regulators to block any deal under 50%, while early trading shows modest declines and a slightly narrower implied premium.