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5d ago

Sabadell to Hold Dual Votes August 6 as TSB Sale Elevates Shares and Pressures BBVA Offer

Bolstering shareholder defenses through confirmation of its €3.1 billion TSB sale to Santander with a linked €0.50 per share dividend compels BBVA to improve its offer.

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La presidenta del Santander, Ana Botín. | MARTA FERNÁDEZ / EUROPA PRESS
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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.