Oliu buys half a million Sabadell shares in the midst of BBVA takeover bid

Signal to the markets. President Sabadell Bank, Josep OliuI bought 500,000 shares of the company at a price of 2.05 euros.price level it has not reached since 2015. Following this acquisition, the full hostile takeover bid (takeover offer) BBVAAccording to a notice sent to the National Securities Market Commission (CNMV), Oliu already holds, directly or indirectly, a stake of 0.14% of the capital, worth $15.59 million at current prices. The organization confirms that this decision “strengthens his commitment to the organization’s project“.

The investment was made on July 24 in a single transaction, and following the acquisition, Oliu holds 7.8 million shares in Banco Sabadell, of which 2.5 million were sold through the company and the remaining 5.3 million in his personal capacity. Oliu has already sent a letter to shareholders warning of the gaps that he believes affect the information provided by BBVA. CEO César González-Bueno, for his part, stressed in the presentation of the second quarter results that “there are many unclear points” in this takeover proposal.

From the bench you deploy Actively opposing BBVA takeover bid which is added to what subjects and organizations of the economic and social structure, Remember that the value of Sabadell shares has grown sixfold over the past three and a half years, with its securities accumulating an overvaluation of over 80% this year alone“The organisation is at the top of the Ibex 35 ranking and also stands out among European banks for its best stock market performance,” they say.

At the same time as the presentation of its first half results, Sabadell announced that it plans to distribute 2.9 billion euros in 2024 and 2025, equivalent to a total of 53 euro cents per share, representing 27% of the company’s market capitalization. “This remuneration is more than three times the remuneration of 846 million over the past two years,” they emphasize.

The first payment will be made in October next year. and will consist of an interim cash dividend of 8 cents per share, implying a total payout of 429 million euros. This amount is 33% higher than the two cash dividends paid in the previous year and barely 15% of the estimated remuneration for two years. The board of directors has decided that it will distribute 60% of the current year’s profit, “thus in line with its policy distribute from 40% to 60% of the profits (payment)”. The company separates these decisions from the takeover offer and confirms that it made them prior to it and with the aim of reducing excess capital above 13%.

Following criticism of the transaction and the merger, which BBVA advocates and which the government also opposes, BBVA argues that banking concentration should not reduce the supply of credit, especially for SMEs.

In turn, according to the organization’s internal analysis, the new bank will be the first only in the provinces of Barcelona, ​​Alicante, Melilla and Leon. On the other hand, the report prepared by the Catalan Competition Authority (ACCO), which has no authority over this operation, focuses on the risk excessive concentration in the territory.