Sabadell’s president points out that BBVA’s takeover bid must still be approved by the CNMV, the CNMC and the Government | Companies

2024-09-06 18:25:26

The president of Banco Sabadell, Josep Oliu, reminded the shareholders in a letter that the European Central Bank did not oppose the hostile takeover bid proposed by BBVA for the entity, now is the time for the CNMV, the CNMC and the Government finally and the shareholders. In a letter addressed to the shareholders of the entity originating in Catalonia, Oliu mentions that, as expected, the ECB had no objection since its analysis “focuses on the solvency of BBVA and the proposed operation”, which capital increase is facilitated. that Sabadell shareholders would make a donation if they accepted the share exchange.

For this reason, Oliu has said that the Spanish regulators must now rule, who will make their decisions based on how the operation would affect Banco Sabadell’s shareholders, competition, clients and financing of Spanish SMEs .

Afterwards, it is the Government that will take the floor, although he recalled that it has already been announced that “it opposes the operation because of the negative impact it would have on competition, on financial stability and on the territorial inclusion of Spain.” Finally, Banco Sabadell shareholders “will decide whether this takeover goes ahead or not,” he emphasized in his writing.

He has also said it is a “long and complicated” process in which the company’s shareholders do not have to make any decisions at the moment, with the opportunity to decide when the acceptance period opens for the takeover bid, which is expected to finally be open. 2024. or by 2025.

By that time, the board of directors of Banco Sabadell will issue a report in which it will evaluate the BBVA offer and the manager hopes that BBVA has disclosed clear, transparent and complete information on all aspects of the offer that could affect its value it “provided shareholders with sufficient data to make an informed decision.”

The ECB’s decision, announced on Thursday, accelerates the deadlines for the takeover bid, which, according to BBVA’s calendar, is expected to be closed by the end of the year. The next rule is the CNMV, which will have 20 days to authorize the operation, counting from the moment it acknowledged the takeover offer, although it can extend the deadlines at will.

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