Overview

• Mexican investor David Martínez, who holds 3.86% of Sabadell and sits on its board, published an op‑ed rejecting any undisclosed agreement or conflict with BBVA and confirming he will accept the offer.
• Sabadell’s leadership maintains its opposition, with chairman Josep Oliu calling the price insufficient and CEO César González‑Bueno forecasting low take‑up around the mid‑20s percent, which he presented as his estimate.
• Shareholders have until Oct. 10 to tender and results are due Oct. 17, after BBVA on Sept. 22 improved terms to one BBVA share for 4.8376 Sabadell shares and removed the cash component.
• The offer targets control above 50% acceptance, though BBVA reserved the option to proceed with more than 30%, which under Spanish rules would trigger a mandatory cash bid for the remaining shares.
• Both banks have lodged complaints with the CNMV over alleged improper communications, and market participants are seeking regulatory clarity on how any potential second offer would work.