BBVA soars almost 7% on Wall Street after its attempted takeover of Sabadell fails
The shares of the BBVA banking group They shot almost 7% this Thursday on Wall Street after failing in its offer to purchase shares (takeover bid) of Banco Sabadell.
At the close of the New York Stock Exchange, The shares of the Spanish group stood at $19.48, 6.68% more value compared to the previous day.
BBVA is listed in the US indirectly, through deposit certificates or ADR (American Depositary Receipt) that allow investors in the country to buy and sell securities of a foreign company.
The rise in the BBVA stock market occurred after knowing the failure in his takeover of Banco Sabadell, without obtaining even 26% of the capital of this other Spanish entity, thus putting an end to the attempt to gain control of it, as confirmed this Thursday by the national stock market supervisor.
BBVA has obtained the support of 25.47% of Banco Sabadell’s capital, very far from its initial objective of achieving at least 50%, which would have given it control.
In this way, BBVA’s offer, which involved delivering one new bank share for 4.8376 Sabadell shares, is void.
