It ends with victory for the little one. The Basque bank has achieved acceptance of the offer of 25.47% of the voting rights, lower than 30%, which was the minimum level to be able to continue its assault on Catalan, as confirmed by the National Securities Market Commission (CNMV). This entity achieves its purpose of remaining independent, which it has been defending tooth and nail for the last 17 months.
Specifically, BBVA’s offer has been accepted for just over 1.2 million shares, representing 25.33% of the shares to which the offer was directed, and 25.47% of the voting rights, taking into account the treasury stock. “Consequently, the public offer has had a negative result as the minimum limit set by the offeror for its validity has not been reached and, in accordance with the provisions of the offer prospectus, since it cannot waive this minimum to the extent that the number of Banco de Sabadell shares that have accepted the offer represents a percentage of less than 30% of its voting rights, excluding treasury shares,” says the document sent by the CNMV.
The decision of the Sabadell shareholders leaves the president of BBVA shaken. The banker launched this operation in May 2024, after the Sabadell leadership rejected his merger proposal on two occasions, in 2020 and that same year. It has been an almost personal endeavor, which he has defended in the face of strong opposition, from the Government to Catalan companies. The law prevents him from trying again for at least a year.
On the contrary, the duo formed by the president of Sabadell, Josep Oliu, and its CEO, , comes out stronger. The market has ended up supporting their thesis, that Sabadell alone is worth more than BBVA’s bid (one share of the Basque bank for every 4.8376 of the Catalan one). They had also repeated the idea that BBVA would not obtain even 30% in the takeover bid, thanks to the resistance of retailers and the play of funds for a possible second offer, which will not occur.
BBVA, with this result, is left without options to advance. Initially, the objective had been set to exceed 50% of the capital in the offer, the condition that had been imposed. But after, renounce that condition and keep the participation obtained. This forced it to launch a second cash offer at a price determined by the National Securities Market Commission (CNMV). None of this will happen.
The solution has been a surprise for the market. The bets of funds, investment banks and brokers were that BBVA would reach between 30% and 50% and move forward. In fact, some of them had made their decision whether or not to attend the offer in anticipation of a second offer with a price that could be better.
News in development. There will be expansion
