BBVA has 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 latest 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. «
Last June, the Government authorized BBVA OPA on Sabadell, but put several conditions on the table, including both banks to be and operate autonomously and independently for at least three years.
BBVA had initially calculated Synergies of about 850 million euros in the purchase of Banco Sabadell.
In the document, in which there is no talk of any figure, the bank continues to consider that “the control of Banco Sabadell and its integration creates value for the shareholders of both entities, despite the fact that the condition of the Council of Ministers would delay the implementation of the synergies derived from the fusion”.
On the other hand, BBVA acknowledges that “the operational integration of Banco Sabadell (including the migration of the Banco Sabadell to BBVA) derived from the merger could be especially difficult and complex«More with concrete,» difficulties could arise in relation to the integration of personnel, operations and systems, the coordination of geographically dispersed corporate centers, the deviation of attention by the management and the employees of the operations and the changes in the corporate culture, the retention of existing customers and the collection of new clients, the maintenance of commercial relations and the inefficiencies associated with the integration of operations. »
«It could also give a potential negative impact derived from the rationalization of office networks,» he adds.
The document is also known that Banco Sabadell celebrated two extraordinary shareholders’ boards in which it approved the sale of its British TSB subsidiary to Banco Santander and a macrodividnd of 2.5 billion euros linked to the operation.