The National Securities and Exchange Commission will publish the outcome of the BBVA offer on Friday
One of the consequences may be that the BBVA is forced to make a Sabadell Public Purchase Offer (PPE).
Shareholders of BBVA, Banco Sabadell and both entities are awaiting the results of the Public Purchase Offer (OPE), which ended last Friday and whose final approval data will not be known until 17 October, as advanced by the National Securities and Exchange Commission (CNMV).
In view of the "contradictory information" on the next milestones of the BBVA PIE, the supervisor was obliged to provide this clarification. The decisions resulting from the outcome of the offer will be notifiedto the market on the same day 17 , following the above-mentioned publication.
One of the possible consequences of the outcome of the PIE may be the obligation of the BBVA to make a Sabadell Public Purchase Offer, in accordance with the Royal Decree regulating such offers.
In particular, if the BBVA reaches 30% of the control, but does not reach 50% of the approval, it may waive the minimum threshold of approval and remain within that margin. However, this would force him to set in motion a second OPEC, in exchange for the capital he does not have in Sabadell, and at a fair price.
In such a case, the National Securities and Exchange Commission shall communicate the criteria for determining the fair price below which the price set by the bidder may not be placed.
In the last few days there has been a dance of figures about the possible approval of the PIE. In an interview with Europa Press last Wednesday, BBVA President Carlos Torres was convinced that it would exceed 50% and could reach up to 60%.
For its part, Banco Sabadell believes that approval is difficult to reach the minimum quota. "It is very difficult to reach 30%, and if they reach 30% it will be fair. The logical thing is for the board itself not to move forward because it is putting the BBVA itself at risk, "Banco Sabadell CEO César Gonzalez-Bueno said in another interview with Europa Press on Tuesday.
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