Overview

• The CNMV approved BBVA’s takeover prospectus and set an acceptance period from 8 September to 7 October, with results expected on 14 October.
• The SEC granted three waivers to align rules, including allowing BBVA to proceed if it reaches at least 30% of voting rights, though the bank still seeks majority control.
• BBVA’s offer is one new BBVA share plus €0.70 in cash for every 5.5483 Sabadell shares, a price currently implying roughly an 8%–10% negative premium versus Sabadell’s market value.
• BBVA says it does not intend to raise its price, while Sabadell’s board labeled the bid worse than the 2024 proposal and Catalan business groups and minority shareholders criticized the terms.
• Government conditions impose a three-year ban on operational integration, pushing synergy realization to €900 million by 2029 and reducing near‑term benefits.