Bbva

Using a stable rate of change, profit growth was 19.2%. The President of the organization has pointed out that this new record demonstrates "our ability to combine growth and profitability."

According to the results released this Thursday by the entity to the National Securities and Exchange Commission (CNMV), it has grown by 2% (12.6%, excluding currency exchange), to 19,246 million euros, driven by Spain, Mexico and Turkey.

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According to Massimo Cermelli, professor of economics at the University of Deusto, what happened with BBVA and Sabadell has made it clear that aggressive shopping offers do not work in the Spanish market.

Following the conclusion of the PIE on Sabadell, presidential sources recalled that "it was an operation between two private companies that shareholders had to decide and have decided", but stressed that "having a strong, competitive and deep-rooted financial sector is good and necessary for the economies of both the Basque Country and Catalonia".

BBVA's president has explained that all decisions have been taken by the board of directors, including the submission of the offer.  

Specifically, in the opening session, BBVA shares have risen 10.59%,to EUR 17.35.

The offer, which was to deliver a new stock of the bank in Sabadell for 4,8376 shares, has been cancelled.

These shareholders represent 1.1% of the capital of Banco Sabadell. The Bank of Catalonia has explained that small shareholders who are customers own 30.8% of the capital. 

One of the consequences may be that the BBVA is forced to make a Sabadell Public Purchase Offer (PPE).

Summary of the main news that the present is going to work on today.

This is the "highest dividend in the history" of the entity and the bank has assured that the shareholders of Banco Sabadell who will participate in the stock exchange will also receive it.

The Spanish Securities and Exchange Commission has explained that the deadline for accepting the offer will be extended until 10 October, inclusive.

UPV professor Josu Ferreiro has stated in an interview on Radio Euskadi that the institution has adapted its proposal to what a large part of the shareholders of the Catalan bank demanded, who rejected the first offeras insufficient.

Ferreiro has specified that the BBVA will not pay in cash, but in its own shares, which brings a tax advantage to shareholders because it involves paying less taxes. With this move, the bank chaired by Carlos Torres Vila equalizes the market value of Sabadell's shares, which has increased the chances of the opaque moving forward, even if it entails a higher cost for the BBVA itself.

Asked if there could be a new improvement, the economist believes it's difficult: "BBVA argued that Sabadell's shares were overvalued. Now that difference has disappeared. Another offer should be rejected, this would be the last," he said.

The interview can be heard on the Boulevard program at the UAU from 02:50 to  (original in Spanish). 

The president of the BBVA, Carlos Torres, has stressed that with this improvement they have made available to the shareholders of Banco Sabadell  "an extraordinary offer, with historical valuation and price, and with the possibility of participating in the high value created with the union of the two banks".

They have explained that the offer to buy shares is "aggressive" and does not "adequately reflect the intrinsic value of the bank's shares," significantly underestimating the Banco Sabadell project.

The Bank filed the appeal on 15 July, three weeks after the Spanish Government announced the condition. In particular, the Sánchez Government obliges the two entities to maintain separate legal identity and assets over the three years.

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.

In addition to exceeding market expectations, the Entity has improved its forecasts for the coming years, with the countdown to opening the subscription to the Sabadell public purchase offer in full.