Overview

• Acceptance runs from 8 September to 7 October, and Sabadell chair Josep Oliu says acceptances so far would not even fill the fingers of one hand.
• BBVA insists 24 September is the last day to improve terms under U.S. rules, while Sabadell argues an extension of the acceptance period could push that deadline into October or even November.
• The negative premium on BBVA’s share-swap offer has narrowed for a third day, falling to below 5% from roughly 10% late last week as Sabadell shares decline.
• BBVA CEO Onur Genç says Spain’s government could lose its legal power to veto bank mergers when CRD6 is transposed by January 2026, a point he links to the timing of post-deal integration under existing three-year separation conditions.
• Sabadell’s board urges rejection on valuation grounds, touting a proposed €0.50 per-share special dividend planned for early 2026, with the outcome expected to hinge on roughly 196,000 retail holders who control about 51% of the capital.