Overview

• Banco Sabadell has submitted clarifications to the CNMV affirming that its sale of TSB does not obstruct BBVA’s takeover bid.
• The bank confirms that non-compete and non-solicitation clauses with Santander will not apply to BBVA if its offer succeeds.
• The TSB sale contract ensures that a change of control will not disrupt the transaction, preserving Sabadell’s freedom to negotiate with other parties.
• Shareholders are set to vote on August 6 on the TSB disposal and a linked €0.50-per-share special dividend at two extraordinary meetings.
• The CNMV clarifications will feed into BBVA’s revised takeover prospectus as regulators assess compliance with Spain’s takeover passivity rules.