Madrid (Reuters) -The Spanish Bank BBVA officially launched a hostile public purchase offer of 14.8 billion euros on its smaller size Sabadell on Monday.
The combination of the two groups would give birth to the second largest Spanish bank in terms of national assets, worth around 1,000 billion euros, behind Caixabank.
Sabadell shareholders have until October 7 to bring their actions, according to the scheduled calendar, the results of the offer to be published on October 14.
BBVA now offers an ordinary action newly issued and 0.70 euros in cash for each 5.5483 ordinary shares in Sabadell, which is equivalent to around 14.76 billion euros for the whole of Sabadell, according to Reuters calculations, on the basis of the fences of Friday.
Judging by the performance of the actions of the two banks since the offer was announced for the first time in April 2024, investors seem to expect BBVA to improve its offer, even if the bank has dismissed this possibility. However, it can legally raise its offer up to five days before the end of the acceptance period.
Around 07:08 GMT, the BBVA and Sabadell titles remained stable, progressively increasing by 0.19% and 0.06%.
(Written by Jesús Aguado, Elena Smirnova, edited by Augustin Turpin)
Copyright © 2025 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
