BBVA has confirmed its decision to move forward with its public acquisition offer (hostile OPA) on Banco Sabadell despite the condition imposed by the government. This determination was communicated to the National Securities Market Commission (CNMV) today.
Continuity of the acquisition offer
After the sale of TSB by Banco Sabadell to Banco Santander, a decision backed by the General Meeting of Shareholders, BBVA had the possibility of withdrawing its offer. However, the financial entity has chosen to maintain its proposal.
BBVA statement
In the words of the bank: «Once the agreements adopted and considering the available information, BBVA has decided not to give up the offer for this cause and, therefore, it remains in force in accordance with the provisions of the applicable regulations».
It is expected that in the next few hours more information will be provided in this regard, so we will be attentive to any additional development that may arise in relation to this operation.
After the celebration of the Boards of August 6 of Sabadell, BBVA communicated to the National Securities Market Commission (CNMV) that “it is reviewing the synergies of operational and financing costs” of the hostile OPA launched on Banco Sabadell, since, after the last events, «You cannot ensure that some or all benefits are reached expected with the operation ”.
In an update of the supplement to the universal registration document sent to the CNMV, the bank chaired by Carlos Torres acknowledges that “reviewing the Synergies of operational and financing costs that could be materialized«As a result of the conditions imposed by the Government to the operation, as well as» those that could be materialized once the condition of the Council of Ministers stops being in force and the merger can be carried out. « But effectively, he had not ruled to date on whether he continued de facto with the offer.
Today in investment strategies we publish the opinion about the OPA of its users. BBVA shareholders consider that the exchange is adequate by Sabadell and that the Basque entity should not improve the amount of the hostile OPA. In the case of Sabadell, the majority opinion is that they will not go, almost 8 out of 10 to the offer, and mean that the premium should be raised by BBVA.