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BBVA Revises Sabadell Takeover Bid, Lowers Minimum Acceptance Threshold

Jan 9, 2025, 06:18 PM

BBVA has revised the terms of its hostile takeover bid for Banco Sabadell by lowering the minimum acceptance threshold. Previously set at 50.01% of Sabadell's share capital, the condition now requires acceptance by more than half of the effective voting rights, excluding Sabadell's treasury shares. This change has been communicated to Spain's financial regulator, the CNMV. The adjustment aims to provide a more favorable offer for Sabadell's shareholders. As of now, Sabadell holds 78.7 million treasury shares, which do not carry voting rights, out of a total of 5.44 billion shares. BBVA's revised offer will be considered successful if it secures at least 2.68 billion shares with voting rights. If the bid succeeds, BBVA plans to cancel Sabadell's treasury shares during the next general shareholders' meeting. S&P Global Ratings has stated that the potential merger would not significantly impact competition in Spain's banking sector and considers the transaction manageable in terms of capital requirements.