BBVA adjust your offer by Sabadell Bank and now offers a cash payment of 0.29 euros and one new share for every 5.0196 of the Catalan bank. BBVA has agreed to adjust the consideration for its public acquisition offer (OPA) on Banco Sabadell to the shareholders of this entity to the payment of the dividend made this Tuesday by the bank of Catalan origin, as well as to the shareholder remuneration that will be paid by the bank chaired by Carlos Torres on October 10, in order to maintain the economic conditions of the offer after dividend payments by both entities.
Until now, BBVA’s offer to Sabadell shareholders involved offering only one new share of the purchasing bank for every 4.83 of Sabadell, as long as its holders accepted the proposal to sell the securities.
In accordance with the provisions of the previous announcement of the offer and as a consequence of the interim dividend for fiscal year 2024 in the amount of 0.08 euros per share paid by Banco Sabadell to its shareholders this Tuesday, BBVA proceeds to adjust the consideration for the offer. to one newly issued ordinary share of BBVA for every 5.0196 ordinary shares of Banco Sabadell.
Likewise, the entity has agreed to adjust as of October 10 the consideration offered in the takeover bid after the payment of the dividend that BBVA will pay that same day of 0.29 euros per share. In this way, the consideration will become one newly issued ordinary share of BBVA and 0.29 euros in cash for every 5.0196 ordinary shares of Banco Sabadell.
These adjustments, provided for in the previous announcement of May 9, 2024, are intended to keep the economic conditions of the offer equivalent, after dividend payments by both entities, explains BBVA to the National Securities Market Commission (CNMV). .
BBVA’s takeover bid for Sabadell is still waiting for the CNMC to finish its report on the impact on competition in the sector of a hypothetical control of Sabadell by the Basque bank. For its part, the CNMV will wait for this Competition report to approve the offer brochure and kick off the operation. The Government continues to oppose BBVA’s offer both in substance and in form.
