Overview
- Banco Sabadell disclosed the resignation in a CNMV filing after Martínez sent a letter to chairman Josep Oliu.
- BBVA’s takeover attempt drew roughly 25% shareholder acceptance, short of the 30% minimum required for success.
- Martínez was the only director to support the final offer, accepted the proposed share-swap, and urged fellow investors to obtain advice on the bid.
- Media reports differ on his stake in Sabadell, cited around 3.88% to 4.8%, and his acceptance represented about a fifth of the shares that voted in favor.
- He criticized government decisions that created a de facto moratorium on the deal, and he has not stated what he will do with his holding.