Overview
- Shareholders have until midnight on 10 October to decide on BBVA’s hostile offer, which requires more than 50% acceptance, with results expected next week.
- Zurich Insurance, holding about 4.94% of Sabadell, confirmed it will not tender its shares, citing an unattractive proposal.
- Largest individual holder David Martínez (3.86%) says he will accept, as Sabadell asks the CNMV to tighten oversight of investors who publicly declare they will tender.
- BBVA and Sabadell remain at odds over how a potential second, cash-only offer would be priced, while CNMV sources indicate BBVA would know the price before deciding.
- BBVA’s CEO says the bank has €8 billion available to fund a mandatory cash bid if needed, even as BBVA signals confidence in surpassing 50% and Sabadell’s board maintains a recommendation to reject.