BBVA fails in the takeover bid for Banco Sabadell by achieving only 25% of the voting rights
BBVA has failed in its takeover bid for Banco Sabadell and has not obtained even 26% of the capital of the entity, thus putting an end to its attempt to gain control of the Catalan entity, as confirmed by the National Securities Market Commission (CNMV). Specifically, he would have only achieved 25.47% of the voting rights, when he needed to reach 50% to be successful.
In this way, BBVA’s offer, which involved delivering one new bank share for 4.8376 Sabadell shares, is void.
Both the president of BBVA, Carlos Torres, as the CEO, Onur Gençhave commented on more than one occasion that if they fail their intention goes through continue with your solo roadmap in Spain. “Nothing happens if it doesn’t go ahead. We have a great bank with a very powerful project,” Torres admitted a few weeks ago.
(More information soon)
