This is the bank that rose the most after adjusting the price of BBVA’s hostile takeover bid.

Banco Sabadell leads stock market gains among listed banks after BBVA announced at market close yesterday adjustment of the hostile takeover bid price of a Basque company to pay dividendsincluding a small portion in cash. Specifically, around 10:30 a.m., Sabadell registered a 1.82% rise, higher than the 1.37% that Santander saw or the 0.84% ​​that BBVA raised. Unicaja shares rose 0.75%, Bankinter – 0.69%, CaixaBank – 0.43%. An hour later At around 11:30 am, Sabadell shares were up 1.34% at €1.81.

So far, BBVA’s offer to Sabadell shareholders has only included the placement one new share of the acquiring bank for every 4.83 shares of Sabadell provided that their owners accept the offer to sell the titles. However, yesterday the Basque organization, chaired by Carlos Torres Vila, decided to update its proposal. and now he offers to pay 0.29 euros in cash and stake one new share for every 5.019 euros of Sabadell, taking into account dividends paid by both companies in October.

The supply adjustment comes after Banco Sabadell paid a dividend of 0.08 euros per share on Tuesday, and ahead of the historic dividend that BBVA will distribute on October 10 at 0.29 euros per share. This is in no way an improvement or a downward correction.but simply adjustments to maintain the original supply share, which can be adjusted depending on the dividend distribution of both companies.

With this update, BBVA aims to continue with its plan to gain control of Banco Sabadell, subject to shareholders holding at least 50% of the capital accepting the offer. However, final approval will depend on the opinion of the National Markets and Competition Commission. (CNMC), which may impose conditions for the authorization of the operation. Besides, Government repeatedly repeated his refusal of BBVA’s offer to take over Sabadell and Remember that you can veto a merge. For his part, Sabadell CEO Cesar Gonzalez-Bueno believes that The chances of the takeover going ahead are “very low” and he is convinced the operation has “gone off the rails”.