Overview
- Banco Sabadell confirmed the €3.1 billion sale of its UK arm TSB to Santander, which projects £400 million in annual cost synergies from the deal.
- Following the transaction announcement, Sabadell’s shares rose 5.22% on Wednesday and added another 1% on Friday, creating a near-10% negative premium on BBVA’s hostile takeover offer.
- The board and top shareholder David Martínez Guzmán unanimously back two extraordinary meetings on August 6 to vote separately on the TSB sale and a €0.50 per share special dividend.
- The planned €2.5 billion extraordinary dividend, payable in early 2026, is designed to reward shareholders who remain through the payout and discourage tendering into BBVA’s bid.
- BBVA is finalizing its amended takeover document for CNMV submission, facing mounting investor calls to lift its offer ahead of the regulator’s three-week review period.