David Martinez, key investor and director of Sabadell, supports hostile takeover of BBVA | Companies

BBVA’s hostile takeover of Banco Sabadell has a powerful ally. David Martinez, the second largest investor in the bank of Catalan origin with 3.49% of the shares and a member of its management as its own director, supports the hostile takeover proposal presented last week by BBVA, as announced this Friday. Bloomberg citing people familiar with the situation.

The proposal to transfer one share of the company resulting from the merger for every 4.83 shares owned by Sabadell did not convince the management of the bank of Catalan origin, as it was considered insufficient. However, if, finally, the government, which has already repeatedly expressed its disagreement with the operation, gives the green light to this merger, the final word will remain with the shareholders.

“Martinez’s support shows that this proposal can attract shareholders on both sides of the transaction. Martinez, who is a member of Sabadell’s board of directors, owns about 3.5% of the company’s shares, according to the website of the Spanish securities regulator,” he writes. Bloomberg O.

To this support for the takeover proposal coming from the members of the board of directors of Sabadell, one can also add the support of large investment companies that are present as shareholders of both banks. Without going into too much detail, BBVA and Sabadell share the largest shareholder: BlackRock. The largest manager on the planet owns 5.91% of BBVA, while he owns 3.62% of Banco Sabadell.

The loss of the core, which was an alliance of Catalan businessmen, sponsored by the president of Sabadell, Josep Oliu, and consisting of the Lara family (Planeta shareholders), Isac Andic (Mango), Joaquín Folch-Rusiñol (Pinturas Titan). and Hector Colonques (Porcelanosa) opened the doors to international investment funds. Many of them, 71 in total, according to Banca March analysts, are present on both sides.

The European Central Bank (ECB) also welcomes this move. The merger of BBVA and Sabadell promotes the policy of creating great European champions who will be able to better compete on the international stage.

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