Overview
- Spain’s CNMV reported acceptances of 25.33% of capital and 25.47% of voting rights, below both the 50% target and the 30% level that could have led to a mandatory follow‑up offer.
- BBVA chairman Carlos Torres said the bank will not return for Sabadell and sees no other suitable targets, refocusing on organic growth and accelerating payouts with a €1 billion buyback from October 31 and a €1.8 billion interim dividend on November 7.
- The European Commission’s infringement procedure over Spain’s handling of the bid remains active, while Economy Minister Carlos Cuerpo argues national rules did not obstruct the process and are compatible with EU law.
- Political opposition from Madrid and Catalonia and identity factors tied to Sabadell’s return of its registered office to Catalunya were cited as influential, with investor David Martínez backing the offer yet remaining a Sabadell shareholder and director, according to Josep Oliu.
- Markets marked the outcome with Sabadell shares falling and BBVA rising, and analysts say the failed deal leaves Spain’s banking map unchanged for now but could spur new merger talks, with Santander seen strengthened by its purchase of Sabadell’s former UK unit TSB.