The Spanish stock market has reflected two things in this session. On the one hand, the advance of the result of BBVA’s Hostile Takeover Takeover of Banco Sabadell, which today has been reflected in the two securities, after the CNMV announced, earlier than indicated, the failure of the offer yesterday afternoon. As expectedwith risk of money from the Basque entity included, rise in value y collapse of Sabadell shareson a day of joy within the entity.
On the other hand, the clearly negative reflection in the other four values of the sector that are listed on the Ibex of the problems that Wall Street mentioned yesterday regarding banking and subprime loans in the United Stateswhich have taken out two companies that in theory seemed solvent and have made holes in JPMorgan and Jefferies and given the concerns of medium-sized banks such as First Third.
Two factors that have clearly turned the session negative, although, in the case of the banks, the positive turn of the firms on Wall Street and recovery, have left a stalemate, and even, on the verge of new highs for the Spanish selective
The IBEX 35 closes on Friday with falls of 0.29% to 15,601.10 points and the cuts for Banco Sabadell 6.78%, Indra 4.71% and IAG (Iberia) 3.93% and the advances of values such as BBVA 5.98%, Cellnex 2.02% and Aena 1.50%.
Among the securities, BBVA and Sabadell, after yesterday afternoon, with the market already closed, the failure of BBVA in its attempt to acquire Sabadell became known. Through the CNMV, both entities announced that the takeover bid launched last September “has been accepted by 1,272,671,801 shares that represent 25.33% of the shares to whom the offer was directed and the share capital of the offeree company, and 25.47% of the voting rights of the affected companythis last percentage was calculated considering the treasury shares owned by Banco de Sabadell at the end of the acceptance period and which, according to the information available to the CNMV, amounted to 26,280,538 shares.
The reason that everyone argues for the failure, an alleged second expected takeover bid, which is why the final adhesion with a price generally described by the market as unattractive has ruined the operation so strongly.
Another factor is that, immediately after learning, BBVA announced an important nod to the shares in a triple way: October 31, pending repurchase of 1,000 million begins, which will be completed with the excess capital accumulated pending the approval of the Board for another additional share repurchase, and a third, November 7 with the largest interim dividend payment in its history: 32 cents per share for an amount of 1,800 million.
On the other side, The collapse of Sabadell is due to the absence of a second takeover bid and therefore factors that can further raise its price in the very short term, which contrasts with the triumph of the council of the entity chaired by Josep Oliú.
While sharp falls for Banco Santander and Caixabank, given the widespread reflection in Europe of the fear of a banking crisis similar to the one experienced in March 2023 by US banks in that usual domino effect that comes from Wall Street.
Elsewhere, progress for Cellnex has reached a put option agreement with Vauban Infra Fiber (VIF) for the transfer of Towerlink France, the company that manages the group’s main data center operations in the French country. The operation, valued at 391 million euros, will be carried out entirely in cash. And that is framed in the sales made of non-strategic assets of the company.
Already in the rest of Europe, widespread cuts, the EURO STOXX 50 lost 0.83% to 5,605 points, the CAC 40 lost 0.18% to 7,934 points, the Dax loses 1.79% to 23,840 points, and the session in London closes with decreases for el FT 100 of 0.89% the 9,350 points.
On Wall Street, a certain tranquility and calm despite the volatility in the expiration of options and futures today, after yesterday’s scare and the collapse of the banks.
However, in today’s session they recover, especially because analysts support the values. Baird improves his forecast for Zions Bancorp, which rises 4.3%, while Jefferies, punished by the bankruptcy of First Brands, is endorsed by Oppenheimer, who overweights its shares on Wall Street and rises 5% at the opening. Furthermore, the best results of Fifth Third Bancorp They also eased concerns, boosting the stock 2.8%.
Among the results, we highlight those of American Express, which presented an earnings per share in the third quarter of $4.14, 0.15 better than the analysts’ estimate of $3.99. Revenue for the quarter was $18.43 billion, compared to the consensus estimate of $18.05 billion.
And news, Apple has announced an agreement with Formula 1 to buy its rights for the next five years and broadcast all the grand prix starting in 2026. And it will be part of Apple TV for the ad-free subscription in the United States.
At the close of the Spanish session, the DOW JONES rose 0.21% to 46,049 points, the S&P 500 was at opening levels of 6,627 points while the innovative and technological Nasdaq OMX lost 0.14% to 22,545 points.
Already in fixed income, increases in the returns of assets with the Spanish 10-year bond that places its yield at 3.109% and advances 0.61%, with increases of 0.44% for the German bund, up to 2.5807%. The Spanish risk premium rises almost 3% to 53.05 basis points.
For its part, in raw materials we see light falls follow one another barrel futures, with Brent, the benchmark in Europe, losing 0.13% to $60.98, while those from American West Texas fell 0.16% to $57.37.
Gold Futures change their bias from morning highs to falls of 1% at the close of the Spanish stock market, to $4,258 per ounce.
The Euro Dollar loses positions with the advance of the dollar, while the single currency falls 0.21% to 1.1664 units, while Bitcoin falls 2.71% to dollars per asset.