BBVA re-establishes the bullish line and Sabadell reacts with a small drop after rejecting the buy.
He Capricorn 35 wakes up with an exchange of roles between BBVA And Sabadell. After several days of falling positions, shares of the former rose 1.52%, while Sabadell shares reacted with a slight fall of 2.04%. Thus, the growth that the bank of Catalan origin has recorded since it became aware of a rival’s offer to buy it through a takeover, and which its board of directors rejected this Monday, is truncated. The Ibex 35 index adds 0.53% to 10,975.5 points.
Until the last session, when it was not yet known that the offer was rejected, the shares Sabadell had up to 8.8%up to 1.89 euros (which implies the market value 10.282 million), while those from BBVA had fell by 9.7%up to 9.84 euros (57.445 million). Sabadell shareholders appear to have taken this proposal more clearly than BBVA shareholders.
BBVA’s proposal included a valuation of Sabadell shares at 2.2581 euroThe €1.737 price at which it was listed last Monday and the analyst consensus price target of around €1.85, according to S&P Global. The Basque group rated the Catalan language at approximately 12,284 million euroscompared to share price 9.623 million which I had before the offer was announced.
After Sabadell rejected the offer because it was considered insufficient, three possible scenarios open up: either BBVA continues negotiations to improve the terms offered to the bank of Catalan origin, or gives up, or thirdly, it may decide to give it a try. submit a hostile takeover bid.
Fall of Sabadell and Grifols
It was in the early stages of Tuesday’s session that the Ibex 35 index recorded its biggest gains. BBVA (+1.52%), followed by Amadeus (+0.68%), Merlin Real Estate (+0.65%) and Bankinter (+0.65%). On the opposite side was Banquo Sabadell (-2.04%) and Grifols (-0.34%).
In a business area marked by the publication of performance results, Ibercaja reported to the National Securities Market Commission (CNMV) that it had received net profit 58 million euros in the first quarter, an increase of 5.9% compared to that recorded in the same period of the previous year, after the emergency tax applied to the banking sector in the corresponding year in the amount of 40 million euros was fully taken into account.
In addition, the Ercros Board of Directors will vote at its next general meeting of shareholders, which is expected to be held on Friday, June 28, in the second convocation, on the distribution of dividends of 0.096 euros gross per share, amounting to a total of 8.78 million euro, as well as the re-election of its president, Antonio Zabals Martí, as chief executive, as well as other directors whose terms of office have expired.
Applus+, on the other hand, held on Tuesdaybusiness update corresponds to the first quarter to “simplify it” given the company’s public takeover (OPA) bid war launched by Amber and Apollo.
In the macroeconomic sphere He Public Treasure This Tuesday, Spain plans to place between 4.5 and 5.5 billion euros. at an auction of 6- and 12-month bills, with which issues will begin in May.
European bags
Major European stock markets opened positively on Tuesday, rising 1.07% in London, which was closed yesterday due to holidays, 0.63% in Milan, 0.58% in Paris and 0.5% in Frankfurt.
At the opening stock market, The price of a barrel of Brent crude, the benchmark for the Old Continent, rose 0.04% to $83.36, while the price of a barrel of oil in Texas was $78.47, down 0.01%.
In the foreign exchange market, the price of the euro against the dollar rose to US$1.0764, and in the debt market, the required interest rate on 10-year Spanish bonds rose to 3.234%.