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The Spanish bank BBVA announced on Thursday a hostile takeover bid (takeover bid) for its competitor Sabadell, three days after the latter's rejection of a friendly merger offer supposed to create a European banking giant.
This takeover bid is carried out under the same conditions as the marriage proposal refused by the board of directors of Sabadell, namely an exchange of one new BBVA share for 4.83 Sabadell shares, specifies the second largest bank in Spain.
This offer, detailed in a press release sent to the Spanish stock market watchdog (CNMV), values Sabadell at nearly 11.5 billion euros.
This amount was deemed insufficient Monday evening by the management body of Sabadell, the fourth largest bank in Spain, which had estimated that such a marriage would be contrary to its interests but also to those of "its shareholders", its "clients » and its “employees”.
BBVA had assured in a letter to its competitor that it had “no room” for maneuver “to improve” its offer, which it considered generous. With this offer, Sabadell shareholders would have held 16% of the future banking giant. BBVA's offer is therefore now in the hands of the Sabadell shareholders themselves. The bank from Catalonia has no controlling shareholder but a multitude of shareholders not exceeding 4%, including large investment funds.
BBVA first attempted to absorb Sabadell in November 2020, in order to face the challenges caused by the Covid-19 pandemic. But this project was abandoned ten days later, due to an offer already deemed insufficient by Sabadell.
The number three in the Spanish government Yolanda Diaz estimated that the hostile takeover bid (OPA) from the BBVA bank was “contrary to the interests” of Spain and risked leading to the destruction of “many jobs”. This operation would amount to “killing Sabadell for the sole benefit of foreign investment funds which hold BBVA”, denounced the Minister of Labor and leader of the far-left platform Sumar in a message published on the social network X.
