“The environment forces banks to need a certain scale to compete.”

November 16, 2020

BBVA and Sabadell confirm that they are negotiating a possible merger. Eleven days later, on November 27, they announced the breakdown of these negotiations without reaching an agreement and continued on their way alone.

Mid-April 2024

Carlos Torres meets with Josep Oliu to express his willingness to resume negotiations and once again explore a potential merger. They agreed to meet again on April 30 to finalize the economic proposal and the main directions of BBVA’s proposal.

April 30, 2024

Sky News exposes the operation and BBVA and Sabadell send relevant facts to the CNMV acknowledging the existence of the conversations.

May 1, 2024

BBVA reports another important fact in which it reveals the terms proposed to the board of directors of Sabadell: a share exchange that implies a premium of 30% to the April 29 price.

May 6, 2024

Sabadell’s board of directors rejects BBVA’s offer as it believes it does not reflect the bank’s value and intends to go it alone, offering shareholders a reward of at least €2,400 million in 2024 and 2025.

May 9, 2024

Following the refusal of Sabadell’s board of directors to consider a friendly merger, BBVA announces its intention to file a takeover bid, submitting the decision to the bank’s shareholders. It retains the same terms as the original April proposal.

Still waiting

BBVA plans to submit a formal takeover offer to CNMV in the coming days, for which it will need ECB approval.