{"id":152959,"date":"2025-07-03T00:03:44","date_gmt":"2025-07-03T00:03:44","guid":{"rendered":"https:\/\/teknomers.com\/en\/should-bbva-enhance-its-offer-compared-to-sabadell-after-selling-the-subsidiary\/"},"modified":"2025-07-03T00:03:44","modified_gmt":"2025-07-03T00:03:44","slug":"should-bbva-enhance-its-offer-compared-to-sabadell-after-selling-the-subsidiary","status":"publish","type":"post","link":"https:\/\/teknomers.com\/en\/should-bbva-enhance-its-offer-compared-to-sabadell-after-selling-the-subsidiary\/","title":{"rendered":"Should BBVA enhance its offer compared to Sabadell after selling the subsidiary?"},"content":{"rendered":"\n<div data-section=\"articleBody\">\n<h2>Banco Sabadell: A Closer Look at the Stock Market Response to TSB Sale<\/h2>\n<p>The recent \u00a0sale\u00a0 of the British subsidiary \u00a0TSB\u00a0 for a staggering \u00a03.1 billion euros\u00a0 has had a profound impact on Banco Sabadell. \u00a0C\u00e9sar Gonz\u00e1lez-Bueno\u00a0, the CEO of Sabadell, stated that the nature of the recent \u00a0hostile takeover bid (OPA)\u00a0 from BBVA has changed in light of this transaction. &#8220;If we previously considered the price of the OPA was \u00a0insufficient\u00a0, now a little more,&#8221; he remarked, signaling positive market sentiment throughout the trading session of the Madrid Stock Exchange.<\/p>\n<p>As a result of this strategic move, \u00a0Banco Sabadell\u00a0 saw a \u00a05% increase\u00a0 in its stock price, indicating a robust market revaluation. The share price increase has led to a decrease in the \u00a0premium\u00a0 depicted within the ongoing OPA, shifting it from a negative \u00a06%\u00a0 to an even more negative \u00a010%\u00a0. \u201cThe Sabadell Bank today has risen, and therefore the premium is more negative. It is further than the \u00a0market value\u00a0 is considered,&#8221; Gonz\u00e1lez-Bueno elaborated.<\/p>\n<p>This latest move is significant, not just because it reflects market perceptions, but because it highlights the perceived value of the \u00a0TSB sale\u00a0. Gonz\u00e1lez-Bueno framed this transaction as an &#8220;opportunity to generate a significant value for our shareholders,&#8221; independent of the ongoing hostile takeover bid by BBVA.<\/p>\n<h2>Dividends and Future Prospects<\/h2>\n<p>Should the sale be approved at the planned \u00a0Extraordinary Board meeting on August 6\u00a0, it would allow Banco Sabadell to distribute an additional \u00a02.5 billion euros\u00a0 in dividends to its shareholders. However, this distribution is contingent upon shareholders not accepting the BBVA takeover offer. Sabadell\u2019s representatives have emphasized that BBVA must enhance its offer if it hopes to engage current stakeholders effectively.<\/p>\n<p>Interestingly, the \u00a0BBVA offer\u00a0 cannot account for the extraordinary dividend associated with the TSB sale, as it falls outside the timeline of the OPA. Nonetheless, discussions are underway between BBVA and the \u00a0CNMV\u00a0 (National Securities Market Commission) to potentially supplement the offer to address the impact of the TSB sale.<\/p>\n<p>The timing of this OPA, intended to be conducted in July\u2014before the peak of business activity\u2014appears to be a deliberate strategy by BBVA. Approximately \u00a048% of Sabadell\u2019s retail shareholders\u00a0 are \u00a0SMEs\u00a0, with a reported \u00a080%\u00a0 being bank customers. Given the summer holiday season, the timing raises concerns about shareholder engagement and vote turnout.<\/p>\n<h2>Analyzing the Current BBVA Offer<\/h2>\n<p>Currently, the BBVA&#8217;s offer is structured as a share exchange accompanied by a cash premium of \u00a00.70 euros\u00a0. This means that Sabadell shareholders who accept BBVA\u2019s offer would receive one new BBVA share for every \u00a05.34 Sabadell shares\u00a0 they hold. Evaluating the market conditions, this equates to an offer of around \u00a013.77 euros\u00a0. However, the current trading value of Sabadell shares stands at approximately \u00a015.18 euros\u00a0, indicating a \u00a09.3% loss\u00a0 if shareholders decide to sell their shares to BBVA, excluding the planned dividends.<\/p>\n<p>According to Gonz\u00e1lez-Bueno, the evidence of an increased share value due to the sale of TSB remains clear. Despite the hostile OPA from BBVA, he argued that Sabadell has gained value and that the bid remains unfavorable compared to market pricing.<\/p>\n<h2>Key Dates in the OPA Process<\/h2>\n<p>As the timeline for the \u00a0BBVA OPA\u00a0 unfolds, several key dates remain on the agenda:<\/p>\n<ul>\n<li>Sabadell will present its \u00a0first-half results\u00a0 on \u00a0July 24\u00a0, alongside a new strategic plan.<\/li>\n<li>BBVA will follow suit with its own results announcement on \u00a0July 31\u00a0.<\/li>\n<li>Once the regulatory green light is given for the OPA brochure, BBVA has a set period of \u00a0five business days\u00a0 to open the acceptance phase.<\/li>\n<li>As the OPA\u2019s conclusion could span \u00a030 to 70 calendar days\u00a0, crucial decisions remain on the horizon.<\/li>\n<li>A \u00a0Board of Shareholders\u00a0 meeting is scheduled for \u00a0August 6\u00a0, focusing on voting regarding the TSB sale and additional dividends.<\/li>\n<\/ul>\n<p>The CNMV&#8217;s role will be pivotal in determining whether Sabadell can proceed with these decisions in a joint manner, as the \u00a0OPA laws\u00a0 remain somewhat ambiguous on this front. Should BBVA present its revised offer in July, the timeline suggests that the culmination of this bid could be evident by September, requiring a \u00a051% acceptance\u00a0 from Sabadell\u2019s capital\u2014a challenging target given that all shareholders are being directly approached.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/teknomers.com\/category\/general\/\" rel=\"dofollow\">General News &#8211; 2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banco Sabadell: A Closer Look at the Stock Market Response to TSB Sale The recent \u00a0sale\u00a0 of the British subsidiary \u00a0TSB\u00a0 for a staggering \u00a03.1 billion euros\u00a0 has had a profound impact on Banco Sabadell. \u00a0C\u00e9sar Gonz\u00e1lez-Bueno\u00a0, the CEO of Sabadell, stated that the nature of the recent \u00a0hostile takeover bid (OPA)\u00a0 from BBVA has [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23832],"tags":[37542,1286,37939,24973,617,37545,3626,19199],"class_list":["post-152959","post","type-post","status-publish","format-standard","hentry","category-finance","tag-bbva","tag-compared","tag-economy-money-inversion","tag-enhance","tag-offer","tag-sabadell","tag-selling","tag-subsidiary"],"_links":{"self":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/152959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/comments?post=152959"}],"version-history":[{"count":0,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/152959\/revisions"}],"wp:attachment":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/media?parent=152959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/categories?post=152959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/tags?post=152959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}