BBVA maintains its offer and continues its efforts to buy Sabadell
The decision to maintain the purchase offer by the company chaired by Carlos Torres comes a week after Sabadell shareholders almost unanimously agreed to sell its British subsidiary TSB to Santander Bank.
BBVA continues its offer to buy Banco Sabadell and hopes to be able to accept it by the shareholders of the Catalan entity in September, as reported today by the National Securities and Exchange Commission.
In this way, the BBVA has cleared the uncertainty of the last few weeks: to reject the offer because it was not ready to improve or to maintain the offer, even though Sabadell shareholders continue to lose money with the exchange, about 6%.
Sabadell Bank shareholders almost unanimously agreed to sellits British subsidiary TSB to Santander Bank and to distribute a dividend of €2.5 billion at the end of the operation.
In this way, the BBVA will update and publish all relevant information on the offer, possibly in early September,when the National Securities and Exchange Commission plans to approve the operation, and is expected to report on the bank's plans for Sabadell at that time.
Onur Genç, CEO of BBVA, said at the end of July that the purpose of the entity is to generate value and stressed that they only invest capital if it makes sense from this perspective to generate value.
However, the banker acknowledged that there was then no guarantee that they would proceed with the offer and left the door open to reject the offer after last week's Sabadell Bank meetings.
What he made clear in his speech was that they did not intend to improve the offer, as the market seemed to demand at the time in view of the quotation of both entities, nor to lower the percentage of shareholders to accept the purchase, which is at 50% of the capital, since the BBVA seeks to take control of the entity.
Finally, the BBVA has decided to move forward once again, despite the almost unanimous support of the shareholders of Sabadell for the sale of TSB and the distribution of an extraordinary dividend of 2.5 billion. The BBVA took the same decision when the Spanish Government set the conditions for the operation .
Pedro Sánchez's government decided that the two banks, if they continue with the operation, will have to maintain their independence for three years (which could be five), which makes the operation difficult because it delays the possibility of synergies and cost savings.
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