More than a year after BBVA launched the hostile OPA on Banco Sabadell, the operation faces its final stretch. After the National Securities Market Commission (CNMV) approves the brochure, predictably before the end of this month, the BBVA will have five days to give the gun to the acceptance period, which can last between 30 and 70 days.
But this will not be the only key decision that Sabadell’s shareholders will have to take in a summer that is presented. On August 6, they are called to approve in two extraordinary meetings the sale of the British subsidiary (TSB) to Banco Santander and the cast of the 2.5 billion macrodivid. With this extraordinary remuneration, the bank raised to 3.8 billion the prize planned this year for its owners, an appetizing bite that could convince them that they continue betting on the project alone, rejecting integration with BBVA.
But BBVA has the option to raise the price of its OPA at 2.5 billion euros To counteract the amount of the extraordinary dividend announced by Sabadell, as the newspaper takes to its cover Expansion. BBVA responsible have the possibility of modifying the conditions they offer to take control of their rival, especially the exchange equation, says this medium.
The extraordinary dividend of 2.5 billion will be added to the ordinary corresponding to the current year, which on account will be paid in August and another in December and the complementary in the spring of 2026.
The August, whose amount will be announced on the 24th with the presentation of the results of the semester and the strategic plan for the period 2025/2027, will be deducted from the offer presented by BBVA, as happened with the complementary of the past spring, as planned in the offer presented and that is pending approval by the CNMV.
But the extraordinary one, the same as the dividend on account planned for December, will not be because, although it is known that it will take place, its distribution will reasonably occur, once the purchase offer that is expected to be completed before October has been resolved.
In that sense, according to publishes Expansionfrom an exclusively financial point of view, that BBVA would consider to increase its offer by 2.5 billion euros in cash, it would have no more implications than advance that amount a few months because, when the extraordinary dividend could be made effective, BBVA himself would receive the same amount of extra money that he would have advanced to give it to those who went to the exchange.
If I had done it for example, 10%, 30% or the majority of the capital of Sabadell, the Bench of Basque origin would receive that same proportion of the dividend to be the owner of that percentage of capital. The more shareholders they would accept the offer, the more BBVA would receive. The problem is that, in fact, BBVA would pay, although he did not formally do it, effectively for Sabadell’s actions since it would objectively be worth the same day that this extraordinary dividend was effective.
Amundi increases his participation in Sabadell
Last Friday it was also known that the Amundi manager, controlled by the French bank Crédit Agricolehas acquired a 1.27% participation in Sabadell, a few weeks after the exchange of the BBVA OPA.
According to the records of the National Securities Market Commission (CNMV), the participation that Amundi has taken belongs to a series of investment funds managed in the name of its participants: specifically, Amundi Asset Management has taken 1.15% of Banco Sabadell; Amundi Ireland, 0.15%; CPR AM, 0.04%; Sabadell Asset Management, 0.01% and Amundi Japan less than 0.01%.
Amundi’s participation in the Vallesano Bank becomes relevant in the context of the BBVA transaction, since the merger between the two banks could lead to the rupture of the Joint Venture that Sabadell maintains with the French firm in asset management, as with the alliance with Zurich in Banaseguros.