Overview
- Sabadell’s board advised shareholders to reject BBVA’s improved offer, while director and 3.86% holder David Martínez said he will accept and swap his shares.
- BBVA last week raised the terms by roughly 10% and shifted to an all-share exchange of 1 BBVA share for every 4.8376 Sabadell shares.
- BBVA approved a €0.32 per-share interim dividend payable on November 7, and Sabadell holders who accept the swap would receive it because it follows settlement.
- Sabadell countered by adding €150 million to 2025 shareholder remuneration and argued its planned payouts exceed what accepting the offer would deliver, also citing pricing and tax risks.
- The acceptance window closes in early October with results expected mid-month, and BBVA can keep its 50% target or lower its threshold to 30%, which would trigger a mandatory cash offer for the remainder; both stocks fell around 1–2% after the latest moves.