BBVA updates takeover bid for Sabadell
He BBVA Ha updated on Tuesday its proposal to shareholders of Banco Sabadell in takeover bid about the Catalan enterprise and now offers a payment of 0.29 euros in cash and the delivery of one new group share for every 5,019 euros. Sabadell.
So far, BBVA’s offer to Sabadell shareholders has consisted of offering only one new share of the acquiring bank for every 4.83 shares of Sabadell, provided its holders agree to sell the securities.
Although BBVA warned from the outset that this proposal could be adjusted, as it reported this afternoon to the National Securities Market Commission (CNMV), if Sabadell distributed dividends, which it did on Tuesday, paying its shareholders €0.08 per share. .
BBVA changed its mind and increased its offer
However, two weeks ago, BBVA President Carlos Torres Vila assured that his bank does not plan to increase the premium, since he believes that it is already “very attractive” and will be able to “convince”, as it was, the shareholders of the Catalan enterprise.
Torres said this at a conference-colloquium at the Esade business school in Barcelona after Banco Sabadell CEO Cesar Gonzalez-Bueno assured that the chances of the operation being carried out are “very low.”
At the beginning of September, The European Central Bank notified BBVA of its approval to take over the Catalan bank through a public takeover offer (OPA) it proposed in May.
BBVA’s idea remains to take control of the Catalan entity if the owners of at least 50% of Sabadell’s capital decide to sell it, although the opinion of the National Commission of Markets and Competition (CNMC) and the conditions that may be set for that to give the green light to the purchase.