US EditionBBVA Raises Sabadell Bid by 10% in Spanish Banking Deal
BBVA’s all-share, tax-neutral offer values Banco Sabadell at €19.5 billion, aiming to create Spain's second-largest bank by assets, pending regulator approval.
- On Monday, BBVA said it had increased its offer to Sabadell by 10%, to 3.39, valuing the bank at €19.5 billion, with an all-share, tax-neutral exchange if over 50% accept.
- Sabadell's board earlier this month recommended shareholders reject BBVA's initial bid, citing undervaluation as the offer rose 60% from €12,200,000,000 in April 2024 during the over-16-month takeover battle.
- The formal tender began on September 8 and runs until 7 October, but BBVA said take-up will be suspended until Spanish securities commission CNMV approves the improved offer.
- For shareholders, the offer means Banco Sabadell shareholders will hold a 15.3% stake in the merged entity, which would create Spain's second-biggest bank by assets, BBVA said.
- Facing a fragmented shareholder base, BBVA's board waived further adjustments and will not extend the October 7 deadline, with results expected by October 14 amid a three-year waiting period from the Spanish government.
33 Articles
33 Articles
BBVA raises Sabadell takeover bid by 10%
Spanish banking giant BBVA has increased its takeover offer for Banco Sabadell by 10 per cent, now valuing the deal at €17 billion. Announced on Monday, September 22, via a press release, the new terms propose one BBVA share for every 4.8376 Sabadell shares, equivalent to €3.39 per share – Sabadell’s highest valuation in over a decade. BBVA said the revised deal would give Sabadell shareholders… Source
The two entities immersed in the operation of the year in the Spanish banking system, Banco Sabadell and BBVA, suffer a punishment in their stock exchange valuation after the board of the bank audited in Bilbao has revised upwards its headquarters on the Catalan entity. BBVA’s turn to improve the opa by 10%, for which it now offers its own share for every 4,8376 Sabadell, has diluted the Basque bank’s shares by 1.6% to 16,14 euros per title, sur…
The market receives in red numbers the announcement of the new conditions of the opa, which improves the exchange to try to attract the shareholders of the Catalan entityBBVA improves in extremis the OPA on Sabadell: it raises 10% to try to attract the shareholders The shares of BBVA and Banco Sabadell opened this Monday the trading day with remarkable decreases, after the bank that presides Carlos Torres has announced an improvement of 10% in i…
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